I don't think so. The 360 still has the Halo series, Gears of War series, the original Mass Effect and Dead Rising games, the Halo series, the Dead or Alive series, the Crackdown series, the Fable series, as well as tons of exclusive arcade titles such as 'Splosion Man, Shadow Complex, Geometry Wars, Risk Factions, and more.
Yeah, the 360 has lost a few exclusives, but so has the PS3 (FF13, MGS: Rising, exc). I'd say that statement is just as valid for Sony as it is for Microsoft.
Also, I don't think it's accurate to say that the generation is "Coming to a close". We've still got at least a year and a half before the new consoles come out, and I'm guessing even that's being optimistic.