It's 50/50, especially for a lot of our age range, I believe. The oldest games like Pitfall and Pong weren't "great," and games didn't really become awesome until just before the NES, when you started to get stuff like Donkey Kong.
Then I think the real golden age of games ranges from the NES through the PS2, because no matter what console you had during that period of time, your system of choice had some pure gold.
Why? Because up until the last couple of years, games didn't require an absurd amount of money to produce, so instead of experimental games like Legacy of Kain, the original Silent Hill games, Kid Chameleon, the original Resident Evil, etc., all we get now are Modern Warfare clones because the industry knows they'll sell.
I think this is why the Indie Game "scene" (for lack of a better word) seems to be growing, because we're willing to sacrifice the graphics and modern standards like chest-high walls for a unique experience, like Minecraft or I MAED A GAM3 W1TH Z0MBIES 1N IT!!!1