The console makers waited a bit long this time around - Microsoft's bold claim of "10 years of Xbox 360" and all that. Intel, AMD and nVidia don't stop improving their hardware for five years - they typically release a new set of parts each year, so naturally, as these new parts enter, the older parts drop in price, leading to a PC that can drastically outperform a console to become affordable.
The 360 especially suffers, because it's stuck with having to go multi-disc where the PS3 doesn't, even for games that arent long RPGs. This adds costs that publishers cant simply pass on to the consumer, since it'd lead to Xbox games costing more than the same game on PS3.
I don't think current consoles can really be considered 'trash' - it's on developers to build a game that runs well on the intended platform, not the other way around. If a game won't run well, the game was simply not optimized correctly - some games seem to struggle with their hardware, while others look just as good without many issues - Halo 4 and The Last of Us are good examples of recent games that run well on their platforms.
If the current generation is deserving of any complaints, i'd look more towards the fact that they just aren't staying competitive with digital sales - Steam, GOG, and Green Man Gaming seem to always offer the PC versions for drastically less money - I don't really see much of an argument to buy a lot of titles for anything but PC because of this.
Finally, the failure rate on Xbox 360, PS3 and even Wii has been terrible, for every possible model. Overheating and optical drive failure has plagued them all, and I sincerely hope that these sorts of design and QA problems are resolved as the next generation approaches.
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