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I think another problem is the pricing of the final product.
Games that are low in development cost should be (allowed) to be priced lower.
What sort of regulations are there for pricing the games?

That way, you have a choice to buy cheaper games at lower quality or stick with the high priced high quality games. Just like other products such as clothing, wines, etc...

I definitely don't agree on games being all at the same price.

Also, a console game should not need a patch. That's what computer games are for. Maybe I've been under a rock or something but I tend to see games being released with bugs more often nowadays than before. There was a time when you can just buy your console and game and there's no such thing as firmware updates. Every game works exactly the way it is out of the box without having to update anything.

At this rate, console gaming is going to be like that of PC. Release a half assed game and patch it after release. More than once.