Sure seems that way. I would say EA's NCAA Football and Madden are also based on last-gen builts. The leap from PS1-PS2 was much greater for sports games, IMO, than the leap from PS2/Xbox to PS3/360.
I played the Show 08 last night for the first time. It felt like...the first The Show on PS2. Graphics and colors obviously better, though I never got a feeling close to what I experienced first time I played Madden on the PS2. Obviously more details and textures in the PS3 versions of the Show, but the gameplay is the same, and if you ask me, it's getting old. As a 360 owner, I find myself still playing MVP 06 on my PS2 - it's still as good of a game as anything out there. While I enjoyed the 2k09 demo and will buy the game, I can't say it's more fun or a more realistic representation of baseball within the lines than MVP. Just better graphics, not even better animations. At least 2K has upgraded their controls over the years, the Show has been the same game with a few tweaks. Overall, the "next generation" sports games have been a disappointment inside the lines compared to last gen's games.