I'm going to disagree here, as a good amount already have. There's nothing wrong with today's gaming industry. There are plenty of great games still coming out. Sure, I'll go back and replay Legend of Zelda: A Link to the Past and Castlevania, but that doesn't mean I think that generation of games was better. You just have to know where to look.
Just to show, my five most played games on Steam in the past two weeks are Civilization 5, Total War: Shogun 2, Recettear: An Item Shop's Tale, Waveform, and Audiosurf. Audiosurf is the oldest of the games listed, being released on February 15, 2008.
Both Civ 5 and Shogun 2 have Metacritic scores of 90, and were pretty heavily publicized on Kotaku before launch, and I agree that both of these games are amazing. Plus, as a fan of Civilization, I think Civ 5 is the best so far. For the rest, though, I just stumbled into Recettear and Waveform, playing the demos before buying them, and had someone suggest I try Audiosurf. These games are extremely entertaining, and quite original.
Recettear, for example, has you running an item shop (hence the subtitle) in a town that has JRPG-style adventurers looking for work. Waveform, just released a couple days ago, has you controlling a ball of light as it travels from Pluto to Sol, but the only way you control the ball of light is by controlling the wave it is traveling on.
I also have Psychonauts and Half-Life 1 on Steam (both purchased two weeks ago), but I haven't played them recently because the other 5 games have been that much more enjoyable.
I know all my arguments have been anecdotal, but I'm just trying to show that you can't say that all games are suffering because one or two genres that are extremely popular don't fit your tastes. Go out into the fringe every once in a while. You'll find something you like.