One of the issues I see with trying to eliminate the phrase-of-the-day we've been presented with is that eliminating it in certain genres is a lot easier than eliminating it in others. In games that stress player choice and that those choices will affect the outcome, it becomes exponenentially more time consuming since the story would start brancing out. And then those branches have branches, and those branches have branches, etc. It's why the Mass Effect games didn't deliver on what was promised (at least in my opinion they didn't). And some games would need many completely different sets of gameplay types in order to accomodate all the different choices and styles of play in order for it to be appealing to all (there are some games where it is possible to do no kill or stealth runs, but doing so is rarely fun because the gameplay needed to accomplish it is not fun). Essentially, we would only be seeing a change in linear games with little option for player choice, while other genres are left untouched.
Now, developers could decide in the early stages of development to make a game like this and then budget their time and resources accordingly. And if devs actually delivered on having the drastic amounts of player choice that they advertise, then I am sure many would be fine with paying a higher premium for it and the increased budget wouldn't be a big issue (for example, end of Mass Effect 1: choosing to save the council results in Sovereign getting away and opening a whole new can of worms for the sequel, but the council gives you more assistance in the sequel. If you don't save the council, Sovereign dies but and the new council is still not friendly to you or humans as a whole). With all the extra horsepower the next gen would give having all these options would be much easier to achieve. But, the trends this industry has followed has made me cynical and leads me to believe most devs will continue making the same thing they do now and just spend extra development time on making the graphics better and charge gamers extra just for that.