It's a mixed bag really. Some games now just prioritize graphics, over the top cinematic scenes, QTE combat, friending, and achievements that aren't particularly difficult. Many have very little replay value. Stories, story telling and voice acting is also weak in a lot of games.
One of the games that came out in the last year that is still drawing lots of debate is TR 2013. I mean what a drastic change from the old formula, it's so dumbed down. Tombs are wimpy, no challenge mentally or physically. Platforming is all highlighted and easy to find and negotiate the path. No challenging boss fights to speak of. Not much variety or challenge with enemies, there's a few with shields and some you use the climbing axe on.
Look what CoD has become, or Ghost Recon. Look what Medal of Honor devolved into before it was canned permanently. Look what Red Faction became before it was canned. Look how bad GRID 2 was after waiting WAY too long for them to make a sequel. Look at the disaster Aliens: CM was after all the hype. Look how horrible the RE franchise has become. NFS since being taken over by Criterion has gone south too. BF4's sp is also a let down, IMO BF3 sp was a lot better.
It's not all bad though, there are still some shining examples of games that CAN breath new life into a series. Some of the sequels I've enjoyed recently are, Max Payne 3, Hitman Absolution, Dead Space 3, Mass Effect 2&3, Bioshock Infinite, Splinter Cell Blacklist, Far Cry 3, Call of Juarez: Gunslinger, Metro Last Light, Crysis 3, and AC IV. Pretty much for every series that's deteriorated, there's one that's still going strong, and there's some strong new contenders, like Sleeping Dogs.
Technically though, game coding needs to improve. Too many devs are still cranking out unpolished train wrecks that stutter, largely due to the overuse of the Unreal Engine.