I reckon games were better back in the day (from my perspective I'm talking about the 80's and 90's). Ok, so the graphics weren't as impressive, but all that meant was that game developers had to focus on content and gameplay, rather than flash graphics and 'controvertial' content.
Another thing I would bear in mind is that 'back in the day' new styles of games were always coming along, whereas any game produced today - no matter how mind-bendingly awesome - is still at the end of the day just another in a long line of FPS/RPG/RTS/*insert relevent genre here* games. Case in point - I'm currently playing Metro 2033, and I think it's a great game with superb atmosphere, but it still doesn't have the same wow factor as when I first loaded up Wolfenstein 3D in 1992. Not because Metro 2033 is a worse game, but because Wolfenstein was NEW.
I'm fully aware that there are exceptions on both sides to my above points, and in no way am I saying gaming today is poor or not up to scratch, it's just a personal preference of mine for what is now termed 'retro-gaming'.