For me, I'll have to say Nintendo and Microsoft.
Nintendo, because of their refusal to step into the HD generation with the Wii, and to continue down the same tried and true path of their mainstream franchises with very little branching out. Everyone praises Nintendo for the creativity and ingenuity, but I don't feel like I've seen that this generation.
Microsoft, because of their lackluster first and second party development. XBLA is excellent, and the main reason why I still have my 360 (albiet, a broken 360, but I'll get a new one eventually), I'm a big fan of exclusives that really push the console to it's limits. Even the Wii had some amazing games that did that (ie, Mario Galaxy, for one).
The lack of strong first party titles outside of Halo has always bummed me out about the 360. I bought a 360 for games like Bioshock, Mass Effect, and Fable, but two of those three are multi-platform, and Fable 2 and 3 are probably 2 of the most disappointing games I've played all generation (huge fan of the first one, and was really excited for part 2, then I hoped 3 would fix 2's problems. I was wrong).
Sony hasn't disappointed me terribly, because I think their software output has been exemplary this generation, and looking at how they have improved their network service by leaps and bounds in a single generation is impressive (Xbox LIVE really forced Sony to take online gaming seriously, and I feel they have).
I also think Sony has introduced some awesome new IPs, as well as continuing their existing franchises well this gen. The Vita is an excellent machine.
In the end, all that matters to me are the games. I want all of the publishers, console manufacturers, and developers to make awesome games and hardware.
Nintendo is bringing the Wii U to the table, so I'm keeping an eye out on that. The 360 is practically done as far as releasing new IPs exclusively to the system (I'm not a Halo fan, and I'm pretty much done with Fable. I doubt we'll get a new Banjo and Kazooie), so it's on to the next Xbox, but I'm not really in the market for a new console just yet (maybe in two or three years).
Companies like EA, Activision, and Ubisoft I hardly ever have high expectations for, so they don't disappoint me.
I'm disappointed in the saturation of shooters on the market, while pushing other genres to the sidelines.
And yet, I'm really impressed by the digital download market. Between Steam, PSN, and XBLA, I'm glad that smaller developers are getting some exposure from mainstream sources. I have a rather large library of downloadable games thanks to these three services. I still haven't played most of it.
