In a way. However, that has more to do with how you accomplish something, like workarounds and more efficient methods. Freedom is a much more important component to creative expression. In the end, hardware limitations hurt the creator's vision. We've seen many developers say that they've wanted to do something in previous generations but they simply could not. Like it or not, 'power' drives gameplay forward.
Look at the SNES, where there were so many platformers and beat 'em ups that I literally got tired of gaming. Developers were running into a dead-end by the time its life-cycle closed. Variety in gaming really opened up with the generation that came after.
If you're saying that the most popular games right now aren't very creative then you're just talking about business decisions at the highest level. Mario, Uncharted, Halo, Call of Duty and Battlefield, Madden; yeah, no one is going to say that they're especially creative but it's not like they're the ONLY games out there. There are plenty of creative games at lower budget levels. We had Journey this gen, and tons of unique downloadable titles.
In the end, freedom is more conducive to creativity than limitations. Reading about how the developers of Dishonored had to cut back levels to fit on consoles, or how the designers at Sucker Punch would map out an encounter only to have the programmers say that they would have to scale it back because of hardware restrictions, that makes me excited about the coming generation.
