With consoles the hardware/software baseline is pretty much static, and that gives latency to the system. Yes, the video and other aspects will lag behind the cutting edge in the PC market, but you don't go insane trying to keep up.
And the latest graphics doesn't always equal "fun". For example, the Wii certainly lacks the graphics horsepower of the 360 and PS3, but it's adequate. It does nice dynamic water, Pixar-like hair/fur, dynamic shadows and other stuff, but more importantly, Shigeru Miyamoto has designed some FUN games for it. Tight design, zero load time, no clipping errors, and excellent, excellent play control. Your character does what you want it to, things happen as you intend, without ARRG! frustration. I like short or no load time, too. I was startled at how painfully long some of the PS3 load times were on a Motorstorm store unit. Is this 2007, or 1987 with a floppy drive?
I see too many companies focusing on the eyecandy and cutscenes, but ignoring frustratingly bad control, sloppy design, and simple replay value and outright FUN.
And to me, the latter is more why I'd want to play a game. Hollywood-epic cutscenes, but sloppy control make for a poor game.
Even with the PC (and Mac) games! A lot of copycat games have come after Diablo 2 that are more advanced, with "better" graphics, but that one is still lots more fun!
