Well, the way things are going in the m/m romance genre, it looks like writers who take their time writing, and don't self-publish, will be lucky to put out one story a year. And that goes for shorter works as well as novels.
My 45k-word contemporary novella, A Hole in God's Pocket, has been contracted by Dreamspinner and is scheduled for release in the spring of 2012.
My current WIP, the latest addition to the Jackson Spey / Adin Swift saga, will either be a three-part novel or a mini-serial of three novellas. If I go the latter route, my vision is to have the three installments released in fairly rapid succession -- say, a month or two apart -- because I know how frustrating it is for readers to deal with cliffhangers.
The business is changing, that's for sure. Authors will have to place (or produce) their work accordingly.