Well, to be honest I will say that the indie scene has done a lot to quash some of my hopes and dreams, perhaps without realizing it. Largely because the types of games *I* like to play, RPGs on the deeper side of the spectrum with a lot of customization and party management and such, have been embraced by some indie developers. A lot of these games are good mind you, but it seems to actually work to reduce the chances of ever seeing games of this sort (and others) created at a AAA level, I've already caught wind of some devs pretty much sneering at such ideas as being "indie fodder" and a while ago was reading some opinions that indie creations in these generes might drive AAA development away simply because they do not want to compete, especially when the eye candy is going to be secondary to the game experience itself (though speaking for myself, I'd like that too). This help perpetuates a system where AAA games are increasingly aimed at a casual market (and yes most shooters ARE casual games, the equivalent of Farmville, but aimed at a different demographic), where more serious gaming is left to the fringes and indie development. Exceptions exist, they always exist, but apart from rare exceptions this leaves a lot of people like me with a choice of a game that looks like refried dog poop but has the kind of core gameplay I want, or one that looks really pretty but which I'm not likely to find entertaining for the long term.
Don't get me wrong, I'm happy to have the games that do make it out, and the art direction of some things like the newly released "Banner Saga" shows that some pretty cool things can be done without pushing for state of the art graphics and technology. It's better than having nothing at all, but on some levels I think indie development might have very much pushed AAA developers away from certain game types, or at least helped them justify their profiteering in staying away from them and always shooting for the largest profits from the largest audience they can get at any given time.
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That said, with the new generation it seems like the industry is rallying to try and coordinate for another industry wide price hike. The 8 to 10 times more expensive develop BS is pretty much just an attempt to convince us it will be justified. Probably so when they hike the price another $10 they hope gamers will be going "geez, I'm glad each game wasn't as expensive as my console".
As I've pointed out before, if the current technology was that clunky and inefficient to use, it would be being considered experimental, not something being picked up by mainstream entertainment companies. New tech is not just capable of doing more usually, but also generally comes with increased ease of use and performance. If it didn't, then it would not be "better" and thus there would be no new generation.
That said, the industry likes to think people are dumb, and we keep hearing things from companies like Square Enix saying they "couldn't make Final Fantasy VII today with the current tech due to the level of detail and the requirements of the current generation" that's almost laughable as an excuse when you consider that if that was even remotely true we'd still be using decades old hardware and graphic technology because the old stuff would arguably be vastly superior to what we're using now. Sure it would be butt ugly compared to what we have now, but the argument is that people were simply unable to make the new tech usable... which they quite obviously did.
Likewise when your dealing with professionals, they keep up in their field, it's not like we're having to send every graphics artist in the industry out to be retrained with a new 4 year degree. Like any professional they tend to keep up with the newest stuff and assimilate it in baby steps as it comes about.
To be frank the problem with the gaming industry to begin with has been bloat, and the sheer number of people they bring on board for specialized tasks so nobody has to work that hard, not to mention wasted man hours by the tens of thousands looking at some of the studio tours I've seen and the conditions which don't always strike me as exactly being professional (in fact when I was working for the casino if I walked through the IT department and saw people/work spaces like some of those there, I would be yelled at if I was found to have not reported them, even if that technically wasn't my job... and really I wouldn't have ratted on them anyway, but still the point is I know what's expected in a professional IT workplace).
At any rate, I'll probably take a lot of flak for saying this yet again, but watch, in a couple of years we'll see some of these companies downsizing yet again and trimming off more bloat, where if these claims were true they would be doubling or tripling their staff to keep up. The thing is though when they downsize it will be on their terms in order to maximize profits for the people at the top, not specifically to make things more efficient or lower costs, as none of that will come back to us gamers in terms of lowered product costs.