I agree that gen 7 was pretty dreadful. Gens since the 5th have been going downhill.
This gen isnt wasting time with gimmicks yet (though morpheus is coming) and its difficult to tell yet ofc (If we factor in portables then its at a definitive loss). So far, the biggest problem of the current gen is the relatively smaller ammount of software in offer. The previous generation made a leap the market wasnt ready for with the HD. It killed alot of development houses as a result and shrunk the variety of software on offer.
Will this gen be better than the last? Perhaps, but something tells me they will keep trying to shove gimmicks down our throats instead of simply focusing on making great games.