No, you're not old.
Games have evolved into the equivalent of Britney Spears. It's all about marketing and "playing it safe." The desire to innovate is no longer profitable. Video games are an incredibly huge business.
I played Oblivion a decade prior to its release... when Bethesda called it Arena.
However, the largest point of contention I have with video games are that they have not matured with their audience. Where are the tasteful dramas that would bore a kid senseless, but would ultimately engage an adult? We can't have that because if I'm going to find one aspect of any game minutely interesting, you can bet it will be watered down for a younger crowd.
I remember Nei's death in Phantasy Star II (1990) ...eat your heart out, Aeris!
What's holding back videogames from targeting all age groups and sophistications of taste? Console life cycles and game retailer shelf life, I believe. I can go and buy The Seven Samurai (1956) DVD from most stores, but try and find Police Quest II (1988).
I already played Starcraft on my 486 DX/66, to my heart's content... when it was called Dune 2.
When there are 2 Wii consoles sold for every human on this planet, you can bet Nintendo will make a new console, rendering their old one obsolete. Forcing the developers to learn a new architecture, playing it safe and not innovating initially until they feel comfortable... then when they get really skilled at creating games for a particular console, it starts over again.
Metal Gear Solid (1998) had the best 3D character design, I feel. Low-poly, yes... but stylish beyond what I've seen with today's next-gen graphics.
That said, I don't own a Wii. I want to wait another year or so until my son is old enough to play it with me. I'll probably enjoy the virtual console to no end.
I can't wait to play Bionic Commando... again. ;-)