I don't think my opinion really has much relevance at this stage, but I figured I'd try to add something anyway.
Games haven't always depicted women in an sexist/slutty of roles as they do now, or as much. Think back on the games you loved as a child. Chrono Trigger, Secret of Mana, Phantasy Star 4, Mario RPG, Super Metroid, Banjo Kazooie, etc. Many of these games featured women in prominent (Nobody had any chance of defeating Lavos in CT without Lucca) roles. Sure, maybe one or two of the female characters weren't wearing as many clothes as they could have been, but it wasn't really played up and their characters were still very well rounded and interesting.
Perhaps this was one of the few positive results of such heavy censorship during those times? Or maybe as graphics got better, it was easier for male nerds to create their dream girls? I don't really know. All I know is that in Chrono Trigger, Ayla is really the only scantily-clad character who spends any time onscreen. And she's more of a subplot character. In Persona 4, however (a game I think reminds me of CT for some reason), nearly every female character has a tiny skirt and many are obvious jailbait (and the less said about their shadow selves, the better, considering the whole "underage" thing). And this is a game that isn't anything close to the worst games have to offer in this respect. I'm not saying Persona 4 is a bad game, just that almost all games today seem to portray their female characters with less clothes than games did back in the Snes, N64 and PS1 era.
I love the gameplay in Dead or Alive: Ultimate and DoA 3, but man... Sometimes I just wanna play the game without feeling embarrassed about my character's jiggling flesh.