I disagree with most of the original post.
First I want to start with the FPS hate, which, quite honestly, annoys me. I remember when EVERYTHING was 3rd person, and 90% of that involved platforming. Other than discovering RPGs, which saved gaming for me in the NES/SNES days, I became so bored with console gaming that I pretty much dropped out of it. Now we have more choices than ever before. Yes, FPS has become the best selling genre, but it hardly dominates gaming the way platformers once did. If you don't want to play an FPS, there are plenty of non-FPS games out there.
DLC -- Fallout DLC and Borderlands DLC, by themselves, have made DLC worthwhile. Other titles have also had worthy DLC mixed in with lesser releases. However, here is where I put the blame on gamers; buy ONLY good DLC and developers will stop making shoddy DLC. It's that simple. Don't buy overpriced map packs. Don't buy poorly reviewed crap. I pick and choose based on content and couldn't be happier with DLC. The stuff I don't like or don't want or think is a rip-off, I ignore on principle.
Pricing -- Game pricing is the best it's ever been--if you have patience. Wait a couple of months and you can probably pick up most games for $40. Wait longer than that, and it will fall even lower. Wait until around Christmas and there is a good chance you can get a quality title off Amazon or somewhere for less than $20. Online makes comparison shopping this generation a breeze. I buy one or two games at full price a year, the rest I wait until they are sub $40.
Multiplatform -- Nothing is worse than having a game you want to play not release on the console you own. It's lame. Yes, there are sometimes porting issues early in the life of the consoles that release 2nd and 3rd, but that's usually resolved. Cases of plain bad quality, as with Bayonetta, are aberrations.
Patches -- Others have made the point that bugs in games that CAN'T be patched are worse, and I agree with them. Nothing like, in previous generations, having a game that crashes or glitches or freezes at a certain point and you know there is nothing you can do about it. I have a PS2 collection disc where one of the games always crashes at start-up because of a glitch and it just kills me. Yes, the ability to patch has resulted in problems with publishers releasing content that still needs polishing just so they can hit advertised dates, but it's better than the alternative.
Studios Closing -- The thing is, the competition is so much greater now, there are so many studios and games being made. The only part I don't like is how powerful publishers have gotten, but even then, most of the studios they closed made the decision to take the money, knowing what will probably happen eventually. People also forget that the core of any studio is the employees, not the name. Fans will get upset with a closing even though the original team is long gone, or they'll get upset because the name is gone even though the core members are still working in that organization.
Online Gaming -- I'm not a fan of most online gaming. I prefer single-player experiences. I do kind of agree with you that online has taken over games that should be single-player, but there are still plenty of good single-player experiences to be had. I've been fine with finding games to play this generation. My only complaint is 4-hour FPS single-player campaigns in games that used to be single-player focused. That's just lame.
So, honestly, I feel pretty good about this generation. For me, it's better than most previous generations. The PS2 generation was really good for all those quirky titles, but downloadable titles have filled that in nicely. I like some of my PSN games just as much as the regular, expensive, full-disc releases. I've been gaming since my father brought home an Atari 2600 for my older sisters, and I can honestly say that this is one of my favorite periods.