All right, that's most likely the most common complaint about the current gen. "All the games are possible on seventh gen consoles, you just have to downgrade the graphics". Time for a time travel:
The very first game on the SNES, Super Mario World is one of the best examples. Downgrade it to an 8-bit game and put it on the NES, no problem. Fast forward a little bit into the sixth generation, and we have FFX in 2001. Again, downgrade the graphics and it could very well be a PS1 game. Other than the transition to 3D, I think every single generation is just a prettier version of its predecessor... Now, you could argue that this generation the games actually do downgrade the visuals and release on the seventh generation as well. The transition between the fifth and the sixth and then into the seventh saw the same things (THPS3 and 4 were released on the PS1, Double Agent was on all home consoles at the time, etc.)
Ok, so the games are prettier versions of their last gen counterparts, but the aforementioned FFX and SMW are fantastic games early on the generation, something we're not seeing so far (only six months, but anyway). Well, I've checked and the most notable releases in 94 and 95 were Donkey Kong Country and Chrono Trigger. The fifth generation pretty much began in 1996 (Crash Bandicoot, Mario 64, Tomb Raider, Resident Evil...). In fact, virtually all PS1 games on the "top of the gen" lists are from 96 and beyond.
The previous seventh gen probably had the worst beginning ever. Xbox 360 was a time bomb (over 50% failure rate, jesus), the PS3 had no gaemz and the Wii was just... there? "Oh, but Wii Sports and Twilight Princess". Let's face it, being a party game, Wii Sports got old rather quickly and TP is... debatable. It's a GameCube game pretending to be a Wii game, but I digress. You could argue the Wii U is a year and a half old and is a disaster, but that's Nintendo's fault, you can't say "shitty generation so far" just because of that, imo.
So why are you guys so impatient with the eigth gen? I mean, give it time. We've seen worst at this point (six months is a pretty small timeframe).