It really depends what you mean. Because I don't believe in what a lot of people call 'dumbing down,' really. Most of what people call that is actually smarter design replacing less smart design.
Take Oblivion -> Skyrim for example. In Oblivion and earlier, the stuff you wear takes damage so you need to go and get it repaired if you want it to work well, which costs money, or you can learn to repair it yourself. Now that whole system is gone and it's tempting to think of that as dumbing down because where there was a certain level of complexity in keeping an eye on your equipment, that's no longer there.
Looking closer, though, there was nothing actually particularly 'clever' about that mechanic in the first place. Getting stuff repaired was usually too cheap to worry about, it was also easy, and so it served no function in the game except to ensure you had to detour to a blacksmith occasionally or spend time learning the skills yourself. In other words, it was just busywork.
Now, in Skyrim, there's optional smithing which can improve a piece of armour beyond its stats, but it never breaks or goes below its base capabilities. By moving the improvement of weapons to something that is optional, they've taken out the busywork and turned smithing into one of many possible things to do, and the armour you can make by mastering the skill, it give the player motivation to actually follow it up.
Yeah, I know, cool story. But I guess my point is: when someone tells me something has been dumbed down I treat that with caution, because on closer inspection, often it turns out that it's actually been smartened up. As designers get better at designing systems, they also get better at obscuring a lot of the clutter surrounding them, and I think this is often mistaken for loss of depth or 'dumbing down'.
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