Let's start with the classic example: is the McDonald's hamburger the best food on Earth?
Of course not. It's a great value, with wide appeal, but only a crazy person would argue that it's the highest quality.
McDonald's hamburgers sell well (and thus have value) for many more reasons than just their quality. A lot of it boils down to the business model. It costs the consumer virtually nothing to have a McDonald's nearby his/her home or workplace; meanwhile it costs the consumer quite a bit to have a box to play games on. The two business models aren't really comparable in that sense (unless games become totally hardware agnostic).
But to look at your example in light of a comparison to games: "value" really boils down to quality vs. price. McDonald's is able to succeed largely because they provide the correct ratio of worth (quality) and price (value). A hamburger does not have to be the best in the world if it only costs $1, $3, $5.
Likewise for games. Games have to provide the appropriate level of worth (quality) for the suggested price (value). They can be $60 if they are worthy enough (of high enough quality), but if they are not (and particularly when sales at $60 do not recoup investments), they get price-dropped.
Not all games have to be $60 games, of course. But then, cheaper games don't always sell better.
What we see currently is that between its hardware and software, Wii U ($300 w/ $60 retail games) has been unable to compete, even against more expensive machines (Xbox @ $500 w/ $60 retail games; PS4 @ $400 w/ $60 retail games). This suggests that it's not being valued at the price (in other words, that it's not worth the price, that it's not of the correct quality).
You're absolutely right, of course, that marketing is designed to make you change your perceptions about the quality of a thing. And you'd absolutely be right that sometimes people are deluded into thinking games have quality that they often do not (and this often translates to dissatisfaction). I think this explains the tendency toward front-loaded sales in our current industry.
But, if anything, that further highlights the problem Nintendo faces. What has happened to the enduring perception of quality (i.e. not swayed as heavily by marketing) that Nintendo has historically been known for?
The market is not even a very good indicator of personal preferences.
Re-read what you just responded to. I'm very aware the market is not a signal for any individual's personal preference. What it is a signal for is
generally preferred. Especially if you look at general trends for how people are satisfying different appetites (the shooter appetite, the RPG appetite). The games that do the "better job" at satisfying a particular itch sell well relative to other games that are competing for that itch (often regardless of price); when they no longer do a better job at satisfying that itch, people abandon them.
McDonald's and Subway may not be people's favorite restaurants (I personally prefer BJ's). But then BJ's does not exist to do the job McDonald's does. So saying "I prefer BJ's to McDonald's" is true - it's a matter of personal preference; saying "BJ's does BJ's job better than McDonald's does McD's job," however, is probably not as true - and
that is the more "objective" statement about "quality."