I agree with almond be light, akdaman1, and Ian Sane (tends to happen on every issue with Ian maybe he's my clone). For me the games I look forward to the most from E3 for GC are Geist, Dk Jungle Beat, Advance Wars, Starfox, Resident Evil 4, TOS, PM2, and to a lesser extent Zelda. I have absolutely no interest 0% in MP2, VJ2. All the games I listed are either original, haven't seen a sequel in many many years, or are a sequel that takes the game in a very new direction. And I list games that according to impressions need alot of work, but originality is key for me, it's better to have new stuff than recycled ideas.
There is a problem with too many sequels, saturation. It's what happened to Sonic way back and it caused sales of Sonic games to plummet, become stale in gameplay, and the result was a total abandon of Sonic for a number of years. That's a single case, another case is of the industry as a whole with saturation. Innovation and original ideas are what drive the industry (DS), sequels are a major contributor to stagnation and saturation. Without innovation and original ideas you could see something like the crash of the 80's. The major problem though is sequels to soon after the last game.
One last thing, almond said that it takes longer to make a new franchise than to do a sequel. Couldn't be more true. I think developers should use the same game engines more for new games than sequels that would have been made with those engines, it worked well with using the engine from Super Mario 64 for Super Mario Kart 64 instead of a Super Mario 64 2.