The LA Times has an interview
with Thomas Tippl, COO and CFO of Activison. In the interview he addresses a few issues and says they treat their developers well. I don't remember many disgruntled Activision employee stories (if there are more in the past please let me know) so I can't dispute that the guys don't enjoy working there. I used to work as a tester for Activision and my talks with the people there have always gave me the impression that they're happy. Then again, this was many years ago so things, of course, could've changed easily.
The interview also stated that Sledgehammer has been brought in to create a Call of Duty game with a different take that should broaden the audience for the series. Really, what can they do to broaden the audience for one of the best selling games of all time? Are they going to go the Farmville route and make a casual Facebook game with the COD IP?
Activision's known to drive their good IPs into the ground with as many products as possible, no matter how bad it is so hearing that makes me kind of sad and dread the thought of the series getting diluted with so many titles. It is what it is I guess.