There’s something about arcade games which I think has been lost with modern AAA games. This isn’t an either/or or a flame war against AAA games - they have their place - but arcade games always had an intensity right from the get-go; you might clear the first level or two and then - BANG! - you either shaped up or shipped out. Once you started to master a game, I think you could find a sense of flow that is still, for me, unparalleled.
http://en.wikipedia.org/wiki/Flow_(psychology)
Of course, part of that intensity was designed to encourage death and bring in more coins, but the cash you put in created a genuine sense of risk and reward - not just for your score, but because you might only have a few coins left and if you died, that would be it. How long you played was (usually) determined entirely by how good you were at the game and you had to embrace each game on its own terms - not just the game itself, but its controllers, the cabinet art and - especially - the sound (most games were silent until you put your money in and part of the dazzling effect came when suddenly there would be a burst of audio after you’d hit “1 player”
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Most big-budget modern games - again, for me as an old-timer - are woolly. They aspire towards cinema but tend to have shallow, badly-written stories and they aspire towards masses of content rather than intensity, meaning you end up with the worst of both worlds: a game with a predictable, derivative narrative with little difficulty and little sense of mastery. There are exceptions but, in my experience, there’s precious little sense of achievement; you never really have to ‘earn’ your right to a boss battle because the designers are so keen for you to experience the pseudo-cinematic story they have put together.