It's the end of console gaming for me because:
1) With two kids, I can barely find time to play anything much less a complete time suck like Super Mario Galaxy or Zelda. But I will make an exception for those games. Anything else? Forget it. And when I do have time, I have my phone, my tablet, and TV to occupy it. Zelda comes at a good time because there's barely anything on TV and I'll have a week off of work soon. But if this were the middle of March, there's no way I would be able to play it.
2) As someone who bought multiple $79 games for the N64 back in the day (and this was 90's money) I shouldn't really be saying this but.. I can't afford to buy a $50 game more than once a year. It's just too much money nowadays, especially when I can buy games for $.99 on my phone. They are nowhere near as good, but they fit my schedule and budget better. Even worse, I would have to couple my $50/$60 game purchase with a brand new console for $300 or whatnot. So this is just too much money for playing two Marios and a Zelda over its lifetime.
3) I just never got into the XBox or PS style of games. I mean, I can't use those controllers at all. I can beat games on Nintendo consoles, but I can barely play games on Sony or MS consoles. I spent thirty minutes getting killed repeatedly in the intro level of Uncharted and I didn't even kill anyone. Shit, I don't even think I hit anyone. It's bizarre, but I find those games to be... unplayable. Which brings me to...
4) The pool of games I like are shrinking while at the same time they're getting stale. I know lots of people weren't that fond of Twilight Princess, but I loved it. Oddly Skyward Sword is causing nerdgasms even though I find barely any difference between them -- they're like the same game. SMG2 was fun. It's was also essentially an add-on pack for SMG. There was little fundamental difference between Wii Sports and Wii Resort. BTW, those were the last three games I bought, only because I splurged last year and bought two whole games. This will happen again.. never.
So it boils down to issues of time, money, and a lack of really appealing games. I know most of the posters here grapple with the same things -- I've just decided to say no mas and walk away.