Sure I'm ready for the backlash but I think this statement in your opening describes my opinion best:
"...you don't actually do much, bar shift left and right a bit, and constantly mash the square button. But, frankly, who cares. It looks incredible..."
Well real gamers care! I personally don't care about the graphics and just want a game that is fun to play. I felt like the first GoW was very fun with fluid and fast combos. GoW II was not nearly as fun and seemed like they were going for more of the cinematic/movie feel with the player doing less. GoW III seems like it is going to that extreme, great graphics but stale and repetitive game play. Hopefully I am wrong :)
Current Favorites:
Wii - Muramasa, MH3, Metroid Trilogy, RS2, Okami, RE4, COD, Dead Space, Scarface
PC - L4D, TF2, BFBC2, Killing Floor, Aquaria, Warsow, many UDK indie games
Mods - MechWarrior:Living Legends, Star Wars: Galatic Warfare, PVKII, Goldeneye Source, L4D mods
PS3 - Demon Souls, Way of the Samurai 3
Social Modding Club: ModDb | Steam
