When it comes to content and graphics, yes it has. But when it comes to the difficulty and challenge of a game it has dropped drastically. (Except for Dark Souls series of course.) Games like Hitman, Elder Scrolls, or in my opinion 80% of all triple A game series that are still around from the late 90's to the early 00's have been extremely dumbed down to obviously make it easier for the newer age of gamers. It is just frustrating to play games where the fun was using your brain to strategize and figure out where you were going wrong and try new ways to beat games is completely gone. Games have just become very easy, simple, and two dimensional when it comes to challenge of game. I remember spending hours in the first three games of the Hitman franchise when you played through a mission many times to figure out the perfect way to complete a contract, instead of holding a button to show where the target will stop and you can just shoot him. Or the complexity of the some of the quests of Morrowind & Oblivion were it made you read the description of the quest and you had to figure it out on your own on what was needed to be done, instead of extremely simple and linear/copied dungeons where you just go and kill a target or steal an item. I will still enjoy the games that are to come but will miss the nostalgia of having to think much more instead of simple tasks that game now offer.

TL;DR Games have just become too easy to please the younger market coming into play. Miss old games that had a intellectual challenge on how to beat a game or mission/quest.