This fellow seems to think so, and I agree. It's not just that the modern setting is getting extremely tired, it was just never very interesting to begin with.
World War II actually happened. It's edifying to play games set in that era, it's feeding my curiosity about the world.
What do I get from Modern Warfare and Ghosts? Explosions and batshit situations. And dogs and fish. None of these is interesting to me (although 4 was pretty damn slick), and I loathe that millions of braindead explosion junkies now dictate the course of a once-beloved historical series.
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Cod 3 was alright but I never got hooked to the game.