It depends on genre and price. A cheap download game that's $5-10 is fine being 3-5 hours. If I'm buying something for $60 at launch I probably want it to be 10 hours or more--with the knowledge that I'm not really paying $60 as I'll sell it after beating for $30-50 depending on how long it takes me to get around to finishing it and how the used value holds up for the title. Buying suoer cheap down the road I don't care if it's short.
I donate if games are too long though. I mostly avoid RPGs, don't play MP anymore etc. Variety in gaming is important to me and with fairly limited gaming time most weeks it takes me forever to get through long games ,so I try to stick to things in the 10-20 hour range for retail games and mix in some shorter indie and PSN titles.
As for dollar per hour expectations, I think they're fine but only work for comparisons with in hobbies. For instance, I'm wiling to pay more to go to the movies or buy a bluray as I get more enjoyment out of movies than games and they're higher in my priority list as a result. Thus you can't com ales across hobbies as value judgements vary on how much someone enjoys one hobby vs. another.
To me videogames are the only industry that is getting better with age. Movies are making a kind of turnaround, but most still suck. Videogame are getting better because game makers are telling the stories that they have been wanting to tell forever the tech was just holding them back. They are just a little more violent though.
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