It's weird, but I feel technology has kind of killed gaming. Around when the Gamecube and PS2 came out I remember being very excited about the graphical and SQ improvements.
But with the current generation i've become more cynical. Sure, games like Uncharted are just beautiful to look at. But I think it has compromised the gameplay. Not so much that there are no innovators, but rather that the innovators' budgets can't keep up with the industry's aesthetic expectations. The designer of Xenoblade was talking about this, and pointed out that the reason he chose the wii over the PS3 for that game was simply so that they could focus on the game without going broke trying to push the limits.
I almost dread the next gen of consoles. Game budgets will just skyrocket, but it will just further the monotony. It seems handheld gaming is the present, until technology kills that off too.