There is still good games. Dwarf Fortress for example And some more indie games have been somewhat refreshing. Eufloria was kind of nice.
If you are limiting yourself at looking only at console ports ofc they seem to be with declining quality as consoles have remained the same while PC hardware has evolved. But even then some console stuff can be kind of fun. Like Portal series.
At the end of the day it's not the gfx alone that makes a good game. Its idea and implementation of that idea that makes a good game.
Not all games are horrible. Look at Portal 2. That was a GREAT game. A little more simple than the first, but the added co-op made up for it. This is why I haven't bought BF3 or MW3 yet (I don't like Blizzard games in general).
All of the "stop playing console ports" comments are irrelevant since I play Starcraft 2 and other games that are not console ports.
I was just giving 3 popular examples.
Obviously there are some exceptions, and some genuinely good games that I probably haven't even heard of.
Of course this is all just my opinion I'm not saying every game getting released is terrible. I enjoy BF3 and SC2 still... it's just they could be so much better with features that have already been readily available in the past. It just doesn't make sense that as we go further into gaming we get less and less features.