It's not impossible to "get it right the first time" but it just doesn't happen very often. Experience and feedback from a greater number of people is what allows developers to improve on a concept. The only game that I can think of that was close to getting everything right the first time is the original Metroid Prime.
We see it all to often. Sequels that don't live up to the original. Developers forgetting to fix fundamental flaws that the first game had. Or being too ambitious with what the second game is looking to become. I can think back to Halo 2. The memory that sticks with me from experiencing Halo: Combat Evolved is the smooth framerate, and the excellent controls. But there were problems with Halo. I know, it's a crazy thought! Something wrong with HALO!? Yeah, like the complicated level design where every corridor looked exactly the same as the last one. I spent plenty of time fumbling around. When Halo 2 came out I found myself frustrated with the same poor level design. Sequels don't just have to live up to what made the original good, but have to improve.
Two of the biggest sequels that I'm looking forward to are Mass Effect 2 and Assassin's Creed 2. Both successful games, both original IP's and both filled to the brim with potential. Potential to become better games. I love Mass Effect and I'm actually replaying it for a third time right now. But there are numerous apparent flaws. The first that comes to mind is the interface with exploration of planets. Side quests are a pain because there is nothing that tells you where you've already been until after you land on the planet, going through several loading screens.
Assassin's Creed on the other hand struggles with variety of available tasks. Whether you're in Jerusalem or Damascus you'll be doing the same three or four tasks over and over, until you reach a main story assassination mission. Then you do the same thing in the next district. It wouldn't be as apparent a problem if the A.I. reacted differently. But people only walk around the city. They very rarely ever DO anything of any interest. And this just makes each city feel like the last all that much more.
So this post about some of the negative aspects of a couple of great games is about a hope that BioWare and Ubisoft don't mess up the opportunities they have with these new franchises. Don't forget to correct the little problems, don't get too ambitious with the new ideas. Give the fans what they want by making a better game!
Alright, I'm done.
@Supina If you get into the industry, you're going to be unemployed and broke so fast it'll make your head spin.
@Oilers99 Well... it's kinda hard to get things done right the first time, because you may not know what your real problems are until the gamers have played it. But yeah, I'm looking forward to ME2 and AC2 just being great solid games. I don't particulary care if they surprass their originals.