Man, so much negativity in this thread for modern games, so I'll offer a counterpoint.
Even though we've had HD consoles before, we are now getting HD consoles with consistently better performance. Last gen to this gen is similar to the leap we saw from the 8 bit to 16 bit consoles.
16 bit consoles brought with them more polished experiences as well as early 3D polygonal home console gaming for the first time. They also brought expanded experiences through add-on hardware that were not possible with the base systems. Similarly, this gen we are seeing Virtual Reality expanding beyond what the base consoles can offer. It's a similar leap in gaming that will exist along side of 2D and traditional 3D games, getting cheaper and more refined as time goes on.
Furthermore, current gen consoles are home to many fun/innovative NON-cinematic games like Super Mario Maker, Rocket League, Android Assault Cactus, Overwatch, Splatoon, Bloodborne, MK8, The Witness, Towerfall, etc. Some (not all) of those games would not be possible on previous gen hardware... but the same could said of many 16 bit offerings as well. That doesn't make them any less fun or enjoyable.
Yes, if you have a PC, you can get most non-Nintendo games on that hardware with better performance. But consoles still offer a really good bang for your buck for easy plug and play enjoyment. If anything, gamers should be happier that more games are platform agnostic and are showing up on most platforms. I personally don't see how this generation is "lesser" than previous gens.
And in my humble opinion, last generation was the greatest generation in gaming. It ushered in smaller downloadable titles as well as big cinematic experiences at the same time. The impact of XBLA has allowed many games to be made that otherwise had no audience in the preceding generation (e.g. the PS2, GCN, XBOX, DC generation).
Now, we have more variety in video games than ever before.
