It's important we keep the $60 price for boxed console games becuase that will ensure enuff revenue to keep developing these AAA titles that we all want to play from time to time. Not to say that more games shouldn't be $40 or even less from day one. Today only GOTY editions and HD re-makes are $40, while I could imagine sub-AAA titles like Hunted: The Demon's Forge, Rise of the Agronauts and Wolfenstein* to cost $40 on release.
I do think multiplayer focused games should have differentiated pricing models though. My suggestion is $50 for the bare bones game with limited online and once you've put substantial energy in the multiplayer it should cost extra (not much different from the current revenue model with having frequent map packs like COD and BF do).
Like the OP said, if games cost $60 in mid 90's and we take inflation into account I think $60 for a game today is quite reasonable. Not cheap, but reasonable for all parties involved.
* personally I love these games and they're worth $60 to me, but I know how the general gaming public sees them.
