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What happened to gaming mascots?

Next-Generation explores the absence of gaming mascots from current- and next-generation gaming. In reflection, Slashdot writes: "Today [mascots] are no more than hangers-on, surviving either by cynically marketing to the very young or by remaining vestigial elements in games that would have been great with or without them. The next generation is coming, but mascots are nowhere to be found."

Sure we have Sonic and Mario remnants, but they are for the most part only used for specific franchise promotions rather than company-wide advertising. So do "missing in action" company mascots represent a death of 80's and 90's advertising or the maturing of a gamer generation? Or is is something else altogether?

[via Slashdot]