According to some pretty credible scientific research women evaluate the sexual desirability of a man based on a couple of factors. Symmetry (IE evidence of malformation in utero or youth), Height (direct translation of physical power), Wealth (abilty to provide), Fame/Status (ability to influence the tribe), Intelligence/competance (duh). There are some pretty hilariously exact ratio's that are involved up to literal inches being worth a certain amount in gross annual salary. IE all other factors being equal a short guy who makes an even million is as attractive as a tall guy making a hundred thousand. There are a few "hidden" metrics like immunocompatibility and such but unless we create smellovision video games that's not really relevant to us.
The reason I bring this up is that the metrics men use to evaluate women don't have nearly the depth or complexity. Men also evaluate symmetry and intelligence/competance, but height, fame and wealth just don't factor into the equation. This is why a so many romantic comedies have the woman being a clerk/secretary/checkout girl/artist. Her social status and income doesn't factor into her desirability.
The fun thing about this dichotomy is that male "cheesecake" is more often than not silly. A man without his status symbols (nice suit/tie, armor, gun, Head dress, crown, etc.) is less sexual attractive. Thus revealing/skimpy outfits generally don't work as sexualization unless it is tapping into a primal vein, to wit Conan, where his lack of clothing reinforces a lack of need for props. Conan is sexy because he is self contained, all his power derived from his own ability to project force not the whims of the tribe or his current material status. He exhibits promise. Simple visual sexualization of the male form appeals more to gay men who evaluate other gay men with the same metrics that men use on women. Don't believe me? Take a quick pop over to google and type in gay porn. You will be bombarded by a literal tidal wave of images that match quite closely with the standard "cheesecake" posings.
The ultimate point I am trying to convey is that this is a problem that goes way deeper than "feminism vs. gaming". Bob is right that there is a talking past issue, but it isn't just a matter of knee jerk on either side. It is about a complete and utter failure to even acknowledge the underlying terrain. People on both sides try and pretend that you can equate men and women. You can't.
Oh don't get me wrong. Male and female are totally equatable, were both human. There are differences physiologically, neurologically and psychologically but they are trivial compared to the similarities. The problem is that part of desire of men and women is to present themselves and see the other as attractive and what attracts men and women to one another are not the same. Thus even if there is a good deal of similarity between the sexes on an absolute level the instinct is the present yourself (whoever that self may be) as something different.
Marcus Fenix and the Master Chief are both paragons of masculine sexuality (for a certain value thereof, namely the teenage idealization of power). Ditto for a large portion of protagonist bin. More complex and nuanced views of masculine sexuality that strike a chord with older and more mature men are just as vanishingly rare as "nonsexualized women". You almost never get to play Otto Schindler or even Micheal Corleone, instead we get lots of Dolph Lundgren and Steven Seagal. See... I can't even be bothered to come up with characters for those two! All they do is play archetypes!
Being timelocked in the teenaged mindset is the problem. Or rather, being timelocked in the teenaged demographic. This is entirely an issue of market share and TIME. Nothing that we do, no protest and no angry rant will solve this. There is no solution in being progressive and waging campaigns. It doesn't matter one whit and will accomplish NOTHING. What needs to happen, and what will happen is that the population will get older and the boys will grow up. The oldest wave front of the gamer culture in in the mid thirties now. What we need to do is wait for them to be in their fifties and all the gamers now, male and female to be in their thirties. IE about 20 years from now.
In the mean time there will be a small specialized market for adults and a few large studios who are dedicated to the concept (kinda like how blizzard paid attention to mac users back when no one else did). But that is it. No use crying over it, hell I wouldn't even bother boycotting that crap. We all remember DOA Xtreme BEach Volleyball... that shit tanked despite everyone saying that they were going to line up and that any red blooded male who owned an x box needed to get it. The wonderful thing about cultural shifts are that they shift quite well on their own.