Well, I do hope, that there are still some good games coming out (Last Guardian, The Last of Us, Journey). And there were some great games this gen (Uncharted, Assassin's Creed, Batman, Read Dead Redemption). There were also quite a few experiments (Catherine, Heavy Rain (though the PS2 had Indigo Prophecy), L.A. Noire) even with the increased cost of development.
Though I have to say that the PS2 gave us the GTA series (GTA III was a revolution, GTA IV was kind of a let-down, still a great game, but they made it too serious, on the other hand this gen some other devs have managed to bring out capable open world games (Saint's Row, Just Cause) and there was the amazing RDR of course), SSX (I loved it, again, there is hope that we get another great one next month) and great RPGs (Dark Cloud 2, Dragon Quest VIII, this gen is about western RPGs, I do like Mass Effect but I can't stand the FP RPGs).
This gen is too much focused on shooters (I can understand why it makes business sense, since that is what the bro's are buying nowadays) and online (who needs a story, when you can have online multiplayer) for my taste. Not to mention motion controls invented by the PS2 (Eyetoy) and Wii in the last gen and now on all next-gen consoles (I assume the Wii U still will have waggle?).
On the other hand I love my PSP and the games for it and with PSN (sorry, SEN) and XBLA there are some good games in the $10 to $15 range, which allows to bring out games which do not sell anymore as $50 games (2D platformers, Shmups, ...).
Overall I am happy with this gen so far. I fear though that the next gen will even have less risk-taking due to increased development cost and more FPS, FP RPGs (with the success of Skyrim, clones are sure to follow) and motion control games. Hopefully the DD space will provide space for classic genres, and perhaps the portables are a haven for JPRGs. I do hope, that Insomniac are making another R&C game in the next generation, that could be at almost Pixar qulaity.