Nice thread :)
I've had something of a love-hate affair with "indies" over the last few years. Some of them are far superior to their big-budget cousins, even with a small team of developers operating with an even smaller budget. Others are long on style but short on substance, and oriented around a high-concept idea rather than a strong set of mechanics. As with all genres and corners of the video game industry, you need to know where to look.
Some of my favorites:
Retro City Rampage (PSV) -- I first played this game on a lark, but soon fell in love with it. The retro pixel graphics are charming; the gameplay, built around a true open-world, is diverse and engaging; and the pop culture gags are hilarious.
Guacamelee (PS3) -- It's not easy making a great "Metroidvania" game, but the team at DrinkBox did so with panache in Guacamelee. What sets Guacamelee apart from others in the sub-genre is its deep combat system and its deliriously difficult platform sections.
Braid (X360) -- Braid could easily have fallen into the same trap that has ensnared so many "indie" games -- a preponderance of plot -- but designer Jonathan Blow wisely focused on puzzle design and time-manipulation mechanics. The result is a challenging, innovative take on puzzle platformers and one of the defining independent games of the seventh generation.
Castle Crashers (X360) -- I'm a sucker for co-op beat-em-ups, and Castle Crashers is one of the best. With a wicked sense of humor, refreshing art direction, and huge replay value, Castle Crashers is required playing for anyone who grew up with Final Fight, Streets of Rage, and Teenage Mutant Ninja Turtles.