Here is an interesting article about the Super Nintendo Entertainment System. It argues that the pinnacle of console gaming was the SNES.
The point of this article is not to point out how bad today's games are, but to point out how good they were. Once this is recognized, and certain priorities are straightened out, the current technology can be implemented on more worthy games. Console gaming has a rich history to draw from and a tremendous user base which will support the positive changes that are made.