Ok, so the money doesn't go to art assets it goes to salaries. For voice actors. Who don't work for the company making the game at all. That go with their videos. See where I'm going here? What you said is exactly what I said but you then said I was wrong. Also, on oblivion virtually every single piece of art was outsourced, so who doesn't know what they were talking about again? 100 man years of work, 10% of which was done by Bethesda itself.
THE POINT here that you didn't look at at all is that you can reduce this by huge amounts, by simply cutting out some videos and fully voiced dialog or using non celebrity actors.
The second point is, if the budgets are the same they are squandering huge amounts of cash. I don't need to say that bioware is one of the companies that provides least bang for the buck, especially now they are an EA zombie and therefore can't really be compared to Obsidian too well.
But to make a point let's just compare bioware to CoD, shall we. I know they have a higher budget but while the budget is probably 4x as much the apparent budget is about 50 times as much. Joshua Gomez started his acting career doing vioce work for CoD. He's great at it! Mark Meers and Yvonne Strahovski are pretty well shit voice actors and they probably take in millions of dollars. For voice acting, which goes very quickly. In some failed project I can't remember the name of the VA was about 60% of their 5o million dollar budget!
Now seriously, all this crap can be cut, suffering the VA is my biggest complaint for bioware games today. Or simply get a random guy and pay him 1000 dollars an hour to VA ME hero and he'd probably do a better job of it and still cost less than what they are wasting.
Coming back to Obsidian, we can look at the credits and see who did what. Are there 40 writers? There were 40 writers on halo 2. They also had lots of designers that just designed one encounter, that was their whole job. Do obsidian even have 40 employees? 40 writers and designers @ average of 100k a year (hahaha) and what do we get? 4 million dollars! I don't have a box handy but someone can help out and tell me how many people they list. Jobs like sound etc. won't be full time positions, just guys who did one thing and got a lump fee.
But again the point was you can still make the game for whatever budget. Surely 10 guys working 4 years can make a game, it just won't have as many famous voice actors or fancy art.
And the second point is, if they do have these sorts of budgets they are horribly wasteful. Comparing them to ME is not saying much, it's obvious already they are horribly wasteful compared to any real AAA dev. I am certain there's more VA, more everything, and looking 10 times better, in any CoD game than the entire ME series regardless of the money they wasted on it.
And as DU says PE is gonna be awesome though, so one of these is all out of whack.