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You hit it on the head right here. It's really not about how often the top-tier title comes out, it's about the title you do release having legs and especially in multiplayer. The reality is that if H4 had been an instant classic in terms of multiplayer and had great DLC which was bought up by everyone, there would still be a lot of people playing and discussing it.
The most I would EVER want to see is a major release every 2 years, I think for as much as COD sells there is serious brand fatigue and Activision is clearly not in it for the long-haul. They'll ride that donkey until it stops printing money, just like Guitar Hero, and then they'll move on to something else. With a franchise like Halo, MS can't be that way they have to maintain the brand image for the long-haul.