Yes and no. Some of the games released have been top quality and I've been nicely surprised by some of the new IPs and franchises to come out of this gen: Dragon Age, The Witcher, Uncharted, Mass Effect, Bioshock, Crysis, Left 4 Dead, Portal and Assassins Creed among others. Established franchises have produced a mixed bag. Final Fantasy, Devil May Cry, Tomb Raider and Resident Evil have been relatively disappointing. On the flip side, Deus Ex was a return to form, Bethesda have produced some top Elder Scrolls/Fallout games, and Half-Life 2's episodes were sublime.
This console gen has also seen some decent hand-held title for the DS and PSP and the meteoric rise of casual mobile games on smart phones and tablets. Furthermore, casual players on Facebook and other browser/social media forms have brought more people playing than ever before. This is before even considerring the phenomenon and audiences the Wii has brought to gaming.
However, this gen has unfortunately also seen the rise in the milking (and general piss taking) of consumers. Day 1 DLC, charging for small map packs that could be done by a teenage modder, charging for "horse armor", horrible DRM and very buggy console games. So yeah, both yes and no.
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