i'd like to say no.
MW3 sits in the same position as Call of Duty3 did, a series with three sequels and a spin off running low on steam.
I'd like Modern warfare to do for the series what i hope Reach did for halo, lay down a long lasting multiplayer system so the series can move off into a more considered and complex direction for the single player or abandon multiplayer entirely.
i think the franchise sits in a unique position of being monetarily sound enough to take a risk which i hope they will (i infact think they will).
perhaps they could actually explore themes which a title like "call of duty" actually implies