I've not read through the whole thread so I may be repeating something here but anyway:
I think it depends on the type of game. I feel that FPS games nowadays need to be more than just shooting lots of pretty, yet gruesome looking enemies until you can build walls out of their body parts. There needs to be great graphics, gameplay and indeed story I feel in that type of game now.
I think a point should be made about video-game movies. Studios get creative licenses and seem to half-heartedly produce a game using it. Two examples of this would be the Bourne Conspiracy and the Quantum of Solace game, fun games in their own right, but for me they're both missing great gameplay and graphics, and seem to be low quality products, I just wish, being given a game to make like one of those two, that they'd take full advantage of it and make it a 9/10 at least.