I have a PS3 and there are some games I've really enjoyed, like MGS4, Little Big Planet, Demon's Souls. There certainly are a lot of crappy games with little new to offer, though.
I find older games have a lot more soul, in general. I think it's because the development teams where much smaller, the industry was still new and everyone had to figure things out their own way. You have so many games being rushed out the door now, all using the same game engines and driven purely by market research. There are new gamer demographics today that didn't exist before...the kind that can relate to X-Treme sports and gamer energy drinks..bleh.
At least indie game development seems to be picking up again thanks to cheap distribution options like PSN and XBOX Live.

