Value has become skewed for me. I now tend to spend more time playing games on iOS/Android devices than on Wii/360. I love my Wii collection but I have my smartphone everywhere I go and keep finding great games for it - for free.
So if I'm going to shell out $60 for a game now, I want at least 50 hours of gameplay out of it. My old limit was (based on Wii's user data) 10hrs and 10 plays on avg for a game, but now that I get that amount of play for free regularly, it's really hard to justify paying big bucks for it on a console (especially since I have to be home and generally have a large period of spare time to play it).
I've gotten 400hr out of Brawl, well over 50 out of games like the original Mario Bros (VC), Wii Sports, Demon Crush (VC), Endless Ocean (1&2) and others, so it doesn't have to be a spawling, graphic intensive RPG. It just has to be addictive fun.
Being able to play with others (Just Dance, party, Lego games) would also help justify the price.