Waiting for the Big One

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Last month, I trumpeted upcoming street racer Juiced as the game that could vault Acclaim (Nasdaq: AKLM) into the league of Electronic Arts (Nasdaq: ERTS), Activision (Nasdaq: ATVI), and Take-Two Interactive Software (Nasdaq: TTWO). If you ask Acclaim shareholders, some will tell you that the breakthrough game is already out.

I'm not convinced.

Released last week, Alias is based on the hit TV show that airs Sundays on Disney's (NYSE: DIS) ABC. The spy/action game features gameplay that fans of Sony's (NYSE: SNE) Syphon Filter can appreciate, plus many of the cinematic traits that make Electronic Arts' 007: Everything or Nothing great -- including members of the original cast and a storyline written by the show's creator.

Intrigued, I picked up a copy at Blockbuster (NYSE: BBI). I haven't had the chance to give the game a real thorough run-through, but based on most published accounts and some initial play, my feeling is that the game is pretty solid -- particularly if you're a fan of the TV series.

That said, I just don't see Alias as a must-have along the lines of upcoming surefire classics like Konami's (NYSE: KNM) Metal Gear Solid 3, Sony's Gran Turismo 4, or Take-Two's Grand Theft Auto: San Andreas. And that's an important consideration given the typical gamer's limited time and money.

What's more, from my conversation with a salesperson at Electronics Boutique (Nasdaq: ELBO), gamers seem cautious given that Alias is based on a TV show. Here's why: Past games based on TV shows and movies have often been short on quality. Of particular relevance is Sierra's disappointing Dark Angel, also based on a hit action/sci-fi TV show featuring a female lead. To quote the salesperson, "That game was really bad."

Now, I am not saying that Dark Angel worries apply here. Alias is a quality game that Acclaim can build upon. But the question isn't whether the game will sell, but to what degree. Alias shouldn't disappoint holders of Acclaim, with its modest $65 million market cap, but I'm inclined to look past it and forward to Juiced.

Will Alias make Acclaim, or will investors have to wait? Give us your take on the Video & PC Games discussion board.

Fool contributor Jeff Hwang owns shares of Electronic Arts.