Something done well with all that Ghz today that couldn't be done before is fine with me. You can't compare 64 player Battlefield 2 on PC with Green Beret/Commando/Beach Head on an old 8 bit and I'd rather be playing Colin McRae Dirt 2/WRC 2010 than RAC Lombard Rally on ST/Amiga too. But I would rather play Ruff n Tumble over gay mario shit on any Nintendo crap with their crayola colours and baby graphics hmmm
I also see people complaining about Playstation but isn't Wipeout 2097 on Amiga one of the greatest achievements we've seen in the community? Thing is both PS and Saturn had 2D gaming abilities that no PC or Amiga could ever touch and many shmups exist for both.
A good game is a good game, and what is good about consoles is their games use every last ounce of mhz left in the system, witness Killzone 2 on a 12 foot screen and then go back to playing Bruce Lee on C64? I think not

What has been lost though is your ability to write such games on locked down hardware. With the exception of Blitz 3D on PC it is pretty much a dead end. Bedroom coding is dead...good games are just as rare as they were in the days of Amiga, 90% of which were badly programmed or ST ports when it came to arcade/action games. There are probably only 10 games on Amiga which wouldn't look out of place in a MAME cabinet to be honest. Ditto C64.