IGN’s Colin Campbell thoughtfully looks at Sega’s recent years in the context of the question posed in the article’s title. The analysis that unfolds primarily revolves around game sales and critical reception which is, perhaps, an inferior method to looking at any missteps by management and their ilk. However, for what it is, it’s a great read. It concludes by saying

A Japanese company publishing games made by Western studios for Western markets is always going to struggle against local competitors. Sega needs to get back to making amazing games with amazing Japanese developers. 

I think we can all agree with that.