Of course the power of a console is important, but the thing is that the advances made possible by having that power available become smaller.
As an example, when the PS1, Saturn, N64 came out, lots of new games were possible that were previously very difficult to do. The jump from 2D to 3D graphics was a complete paradigm change for the industry, as was the availability of mass storage on CDs.
When the PS2 and XBox came out, games didn't change fundamentally. There were only very few games that could be done now that were previously impossible; Dynasty Warriors being basically the least impressive of those (Because similar games could have been done in 2D on previous hardware). The only thing that the PS3 and 360 did that was previously not there was easy multiplayer access; everything else was just an iterative improvement on what the previous generation was already able to do.
With this new generation, there is quite literally no improvement that enables radically new gameplay or other features; we're basically going to get more of what we have already gotten in the previous one, except faster and at a higher resolution. Now, what I hope is that the increase in development cost is not going to be that big going into this generation, so that we can get more developers (and thus more games and more ideas) into the market.
Now, the thing is, you said that you own about 1 in 36 of all games released on the PS1 and PS2, but only 1 in 55 of all games for the PS3. Has it occured to you that you have limited your sample size rather radically? I mean, I get what you are saying about not being as excited about new games as you used to, and thus less inclined to go out and purchase them, but condemming an entire generation of games, and assuming that the next generation will be even less interesting strikes me as a bit of an overreaction.