It has occurred to me recently that among the things we spend money on, video games are among those which we get the best value. Tonight, with tax, I purchased Earthbound for $5.42, and Buffalo wings for $9.61. Now the wings were delicious, but I ate them, and they're gone. (I expect) Earthbound will give me many hours of enjoyment, and I'll always have it. Or, if you want to stick with entertainment, compare it to movies. You may spend $10-15 on a ticket at a movie theater, which gives you 2 hours of entertainment. Whereas a game of that price should give you tens of hours of fun.
And the hardware isn't expensive either- consoles are cheap and PCs do lots of other (important) thing.
But I understand why people may not always feel this way. While the $60 you spent on your favorite game may seem like nothing after playing it for hundreds of hours, the $60 you spent on a game that was absolute garbage feels like a ton. Likewise, the $40 you spent on a game that was exactly like the one you bought last year *cough*Pokemon*cough* also is a great waste. But I think if we all look at our lifetime gaming spending, and compare that to the all the fun we've had, we would say that it is some of our best dollars spent.
My takeaway here is that when a game is good, we should be happy to pay what we do for it. Games are expensive to develop, and we are getting a lot for our money.