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....but nowhere near the amount and quality of gaming in, say, the NES days where there are more high quality games on that single console than there has been on every console in the last 15 or so years.

Now lets not romanticize older systems. As someone who grew up playing the original NES, I agree the console had a MASSIVE library of games in its hayday, but I would say less than half of them were even worth a shit. But you're right, current consoles are simply leaning hard on "Look at how pretty it is" rather than actual quality gameplay.