Between Mario and Final Fantasy, I'd go with Mario as more milked franchise.
Mario is platform game that has yet to really tinker with the formula. Even the story and character remains the same every game and often comes with very minor upgrades.
Final Fantasy on the other hand has always tried to be different with each game. Most RPG franchise would keep their battle engine intacted (Tales of _____ series for example), but Final Fantasy games always tried to do something new, like giving it a job system, materia system, Esper system, etc.
Also Final Fantasy series almost always tried to improve their presentation, almost never re-using characters or world (which is changing now but for over a decade they have been faithfully seperate themselves from previous game), etc etc etc.
Also Mario the character itself was extremely milked as well.
But then again, compared to other franchise's, I'd say neither of them are badly milked.
Think about Street Fighter II. Same game, no graphical upgrade, very minor difference, and I can think of so many different versions of it. Street Fighter II, Street Fighter II champian edition, Street Fighter II turbo, Super Street Fighter II, Street Fighter II hyper edition, Street Fighter II blah blah blah.
Not to mention Mega man still haven't changed much. At least get a new color or something.
And then there is EA and NBA live, Madden, Tiger Woods golf, Fight Night, etc etc etc. All comes with bare minimum changes with full new price tag.
Of course... and there is Pokemon.....
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