The overall situation was multifacted, but my takeaway is that Blizzard's recent failures come down to two main themes:
* World of Warcraft's success gave the company unrealistic expectations of what a successful "normal" game looked like, and
* "When it's ready" covers up the sins of a company that never quite figured out project management.
My synthesis is that the combination meant that Blizzard projects needed to promise the moon to be greenlit, but then they immediately blew the initial time and money-budgets with the extensive scope.
Activision's influence didn't help, and it imposed a tighter focus on prompt monetary return after Titan's cancellation. That clashed with the long development cycles of even the successful projects.