I would describe this generation as highly transformational and under achieving so far...
Pluses:
- Killzone 2, Gears of War 2, Halo, Uncharted, MGS4, etc. are graphical masterpieces
- Online fighting games finally exist on consoles
- Gameplay improvements in shooters and sandbox games have been excellent
- Nice to see digital distribution of movies and games taking form
- Lots of potential in LBP, Banjo Kazooie N&B, Prototype, inFamous, Overlord, Braid, Gears of War, Burnout Paradise, Crackdown, etc.
- Motion controller will be a good thing in future generations if they get it right and complete
- My wife understands gaming more because of the Wii, Rock Band, and Scene It! (I don't get critized on purchases now)
Minuses:
- 360 RRoD WTF
- Wii - No Hard Drive available? WTF
- Constant AAA title delays (Killzone 2, Lair, Haze, Alan Wake, Too Human, etc.) and disappointments (Lair, Haze, Too Human)
- No console is a total package
- I think HD DVD was the more consumer oriented HD media format (Loved dual-disc with DVD and HD DVD on one)
- Blu ray hasn't caught on as a de facto consumer standard yet
- Integrating music downloads the consoles is so far non-existent
- Whatever happened to Sony's promise of 1080p gaming all the time?
- Nintendo and Sony have been slow moving on console price so I can buy one for every TV I own
- Sony dropping the backward compatibility ball
- JRPGs are all under performing in general
- I was hoping this generation would have more MMOs and they would be free to play
- Wii has way too much shovelware
- Too much attention falling away from core gaming to casual gaming