Yep! Because I only buy games that I'm sure I'll play (and probably love)! Otherwise I just borrow them from friends or get them used after the price goes down a bit. This is assuming, of course, that the next generation of consoles improves enough that the higher prices are justified, like the better graphics and such.
I wait for the $20 range, but game prices really aren't so different when you take in account inflation. NES games were what 40-50 in late 80s, I think that would be pretty close to our current prices.
You have to remember that part of the reason games, and indeed everything, gets more expensive, is due to inflation. $50 10 years ago would have bought you more than it does today, because the currency has less value now, so prices go up to compensate.
That said, I never pay full price for a game. Buy it online, you get a discount, wait a month or two after it's released, get a discount. Smart shopping lets you determine how much you spend, and still get the product you want.
We refuse to pay full price for most games. The Kinect sports games are still expensive and we bought both of those, but those are the games we play the most, so it was somewhat worth it. We try to buy a used game or wait until they are cheaper. If games start being $70 each, we won't be able to afford, but a few a year. My gas bill is $70 a month. I have more important things to pay for.
My friends make fun of me for my habit of being consistently 5 years behind on current games because that's when they get cheap enough for me. However, my friends also have decent engineering jobs or rich parents, whereas I'm supporting myself with a service industry job and trying to go to school, so I think I'll have to continue being a cheap-ass until the time comes I can actually afford a $70 non-essential expense. However, then that time comes I'm pretty sure I will buy games new, once I'm sure they're games I actually want.
Right now new games are $60, new Dvd's and Blu-Rays can be $20 or more, but when you consider that a game like 'Skyrim' is supposed to have 200 hours of play time and the average game has about a 20 hour campaign, I don't feel the price of a game is outrageous compared to the price of other media when you consider how much content is packed into it. Everything new is going to be costly; if you can wait just buy games 6 months or a year later at anywhere from 50 to 15 percent of the original price.
If I remember right Sega Genesis games were $49.99 new. It was release in North America in 1989 and discontinued in 1997. Using the BLS CPI inflation calculator (link) that means adjusted for inflation a Genesis game in 1989 would have cost $91.78 and in 1997 the adjusted would be $70.91.
Heck even the $59.99 price we see now were the going rate on XBOX, playstation 2 ect, so if you bought HALO in 2001 at $59.99 the inflation adjusted cost today $77.12.
The end result it whether you realized it or not you have paid that prices for games before, looking at what money could buy then and now.
Very few games that I have bought have been new. I don't remember SNES/N64 games being in the $50 range 10-15 years ago though, but then, I bought them all used. The used game market is one of the reasons the Xbox720 and PS4 will be all on-line with no discs to sell/trade. I like being able to sell/trade used games so I don't anticipate paying $400+ for a new console and $70+ for a new game when old games are not backwards compatible. There are so many good games that have come out in the past 10 years that you can keep playing them for the next 10 years too. Heck, my wife and I still like playing Super Mario Bros NES every now and then.
Outside of the really rare release that I get because I'm super-excited about it (or as a present for my partner) I rarely if ever buy games when they first come out. I'm not that avid of a gamer, and the $40-50 range that most games sit in is just above what I'm usually willing to pay for that sort of an impulse purchase. $70 would definitely push most games outside of what I'd be willing to pay, but I'm sure that a couple months in they'd drop in price and that's when I'd be making my purchase anyway.
I think if a game is really awesome you don't have to feel bad about buying one or two 'new' games per year and giving your full support to the studio releasing it in order to see more great games in the future.
I have not purchased a new game at full price for years. $60 a game, a game that most likely will not be worth the $60 is too much. I may buy them new at a good sale price ($10-$30), but most likely I will buy them used.