I'd rather have a long development cycle but deeper, more substantive games.
This isn't anything new - the "Megagames" were famous for having crazily long development times for the era. And some of those went on to be very well received like Ultima VII, Ultima Underworld, Daggerfall, Baldur's Gate, etc. - I remember Baldur's Gate advertising the "90 man-years" required to create it and same for Daggerfall for the (procedurally-filled) map "the size of Great Britain".
There are plenty of companies with short turn-around times, but they make mediocre games.