I’ll echo many others here and say Banjo-Kazooie, but the real dream is Midtown Madness. I played a frankly disgusting amount of online Midtown Madness 3 on OG Xbox.
- Banjo
- Conker
- Rare Kart
- Lost Odyssey
- Phantom Dust
- Quantum Break
- Recore
- Ryse
- Viva Piñata
- Kameo
- Shadowrun
- Jet force Gemini
- Lost Odyssey
- Blue Dragon
- Killer Instinct
Not their IP but they should totally get back:
- Ninja Gaiden
- Crazy Taxi
- Splinter Cell
- Jet Set Radio
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Blood Wake
It was the modern take on Bimini Run (Genesis) that I never knew I wanted.
- Banjo Kazooie
- Conker
- Lost Odyssey
- Blinx
- Enslave Odyssey To The West
- Blue Dragon
- Jet Force Gemini
- Kameo
- Viva Pinata
- Urchin (But that seems too similar to Fable)
- Blast Corps
- Crimson Skies
- Microsoft Combat Flight Simulator
- JetPac
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I’ve had a proper think about it now.
Banjo-Kazooie - obviously a new game would be preferable, but I’d take a remake of the original.
Midtown Madness - I rarely actually raced online in MM3; the vast majority of my time was spent playing tag or capture the flag. This is the sort of game that in today’s market would be very easy to monetize, so I’m surprised Microsoft hasn’t brought it back already.
Jet Force Gemini - with a few tonal adjustments, this could be a cool co-op focused Xbox alternative to Ratchet & Clank.
This would pretty much be my perfect list. Just swap out Crazy Taxi for Jet Set Radio for me personally.
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No need to swap, just add it too 
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Considering Phil himself said multiple times they lack E-rated and japanese-style games, it’s almost unbelievable they have buried several successful Rare IPs and their two big jrpg IPs, imo reviving at least one for each batch (let’s say Banjo and Lost Odyssey, the most famous) would be a safer investment than doing something completely new from scratch and/or paying big money to moneyhat something.
I’m no fan of either (my love for 3D platformers died after the original Spyro trylogy and the PS2 launch Crash game and I never liked too much jrpgs), but a remaster plus/remade of the first Banjo is like printing money with limited risks. The jrpg situation I admit is much more trickier.
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Banjo Conkers Jet force Gemini Otogi Brute force Crimson skies Blinx Recore Blood wake
All of the og xbox Sega games. Jsrf, crazy taxi, panzer dragoon
I agree much less risk in releasing something we know people want than something new. I do believe they want to do something with Banjo and probably Blue Dragon/Lost Odyssey, but I think the biggest issue is finding someone to work on them. If they are giving their studios complete freedom, then I don’t see them ever forcing BK or their JRPG games on any of them. I would be shopping out those unused IP to every available studio who wants to work on them with a 50% funding deal for exclusivity to Xbox and PC. Maybe even shop Blue Dragon and Lost Odyssey to Square or one of those Japanese studios.
Not an Xbox IP but I want a new Bullet Witch.
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Can’t wait to see the reveal of Banjo &
Conker’s Jet Force Gemini’s brute force! 
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not an xbox IP but I would say for sure Legacy of Kain
Other ones worth mentioning are dino crisis castlevania splinter cell
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Ms should totally buy the entirety of Western of SE just so they can revive LoK
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I have 2 titles:
Crimson Skies - This would seriously be a killer game to add to their portfolio and showcase some really good sky boxes in the action game.
Bloodwake - Take down to water and show a realistic look action game. Literally think the raw gameplay of call of duty/battlefield but on boats that you can customize. Bullet holes bent metal etc. Maybe reboot that classic Twisted Metal feel.
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I need more Crimson Skies.
I could see a rebooted Bulletwitch in the style of Bayonetta and Nier with a bit of DMC mixed in. I am sure since the IP is all but dead Microsoft could probably get it locked down to make one.
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With the acquisitions of Bethesda and Activision the dormant IP vault just got significantly larger. Right off the top of my head Guitar Hero, Tony Hawk, Vigilante 8, and Pitfall!
My profile pic might give away my answer, but Microsoft should bring back Commander Keen!
Also, do Microsoft now own the rights to Arcanum? All three founders of Troika are at Microsoft now too.
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I want an open world, third person, RPG, Shooter, set in the Shadowrun universe.
I’d like it to have the exploration like an Elder Scrolls game.
I’d like it also to be a shooter like Fallout.
Plus it would be a Cyberpunk game that doesn’t just have humans, but Orcs, Elves, Dwarves, Goblins, you name it, so it would be different from other fantasy games, too.
Unfortunately I don’t see this happening, because Bethesda, Obsidian, InXile and Playground are busy with other projects.
But if Microsoft was to buy Larian Studios and help grow the studio they’d be perfect for this game.
The reason why I say them is because I remember in the past an exec at Larian said he hoped in the future Larian could make Game like Bethesda and CD Project Red.
So with all the other RPG studios busy, why not work with Larian for Shadowrun?
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