It's sad, really, he has cornered himself into being a "publisher" and now he sees elements like direct2drive, steam, the app stores and onlive taking it from him, so all he is left with is bungie
Publishers will still be needed for a good, long while.
They aren't like record companies, which added no real value other than distribution and got clobbered.
Making a game takes bigtime serious money, and as a consumer investing in a game is costly and time-consuming. Neither of these are true for music, so music survives well without the recording companies.
But with games? You still need millions of capital to make it, and you need marketing to convince others to even take the time to download it (look at how many cool UDK demos are out there being ignored because too few want to bother downloading a 400MB-1GB on something they know nothing about.)
Until game design gets cheap and easy, which may be a very long time away, we'll need publishers to finance them and market them. You never know what'll happen, though. Albums used to take millions to record, who thought it'd be done by kids in their garage with a laptop? Movies used to take millions to film. It's still pretty true, but budgets are actually falling now with digital being much quicker and cheaper. And who would have thought a few years back that the two most powerful game engines (CryEngine 3 and UE3) would be available free?
All this aside, I think Bobby's comment is a bit of a cut at whatever the Infinity Ward guys' new studio is.