Sure they are, but not all games are created equal.  "Blockbuster" games such as Mass Effect 2, and Fallout 3 offer hours and hours of play time and a good story to boot making them more worthy of a $60 price tag over games you can complete in 10 hours.  Multiplayer and replayability factor in as well, but should everyone have to pay for this experience in the base price if they never intend to jump online?
 
My solution was to wait a few years after the XBox 360 was released before buying one.  Now, I can purchase the first round of good games being released as platinum hits for $20 brand, spanking new.  By the time I've completed these games, the sequels will be available cheaper, too.
 
It pays to not always need to own things the day they come out.  Besides, I'm cheap, what can I say?