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Love: The VC and backwards compatibility of the Wii
WW, PSN, XBox Live - a haven for small independant developers and novel game ideas
Apple/Android Apps - free/cheap games like Angry Birds
Motion Controls - adding immersion (when used properly) and broadening the market
Online play
The ability to patch a faulty game or rebalance multiplayer
Mii's / Avatars

Hate: The movification of video games - I'm probably alone on this one, but I hate this trend.
FPS overkill. HD consoles are so unbalanced this gen with FPS/TPS/Action titles dominating, Wii also unbalanced in the other direction - platformers, party, casual
Patching games means it's studios are more prone to release them unfinished
Motion Controls - used as a gimmick / cheapening the market
The rise of blockbusters - While a great title desires to sell better than a good one, it's become skewed so that a yearly release of CoD sells 15m but another 'good' FPS may struggle for profitability.
Apple/Android Apps (and to a lesser extent WW,PSN,Xbox Live) - Games like Angry Birds redefining what a game should cost (cheap or free) causing great games like Rayman's Origins or Rythym Heaven to flop.