I hate to say it, but first-person-shooters, indeed, aren't what they used to be anymore, at least most of them anyway. I don't even blame it on the Consoles, I simply blame it on the developers, most of the FPS games I've played in the past decade or so never grabbed my attention much, and most of them were so boring that I never managed to finish them. I'm not even sure if it's "lack of imagination" or anything along those lines, I can't even point at anything specific, though I'm not thinking this blindly, there's just "something lacking", I'm not sure what it is, I would even go as far as saying that it's not even the lack of good story lines, since I never really cared about good story lines in first-person-shooters. I think it's just a mix of many game-play aspects that are lacking, poor dialog, stereotyped protagonists (or antagonists), lack of enemies variety, short campaign(s), over-simplified user interfaces (that's probably due to Consoles), boring sound tracks, lack of weaponry variety and/or originality, repeating/cloned levels... and so many other things.
I can name the FPS'es I've really liked since the past decade or so:
Half-Life
Red Faction
S.T.A.L.K.E.R.: Shadow of Chernobyl
Quake IV
Prey
And hmmm... I'm not sure of anything else that really grabbed my attention enough as to keep playing it regularly until the end, and then more. I guess there could be "honorable mentions", I could think of BioShock for having interesting game-play mechanics, a decent story-line with a cool twist, original enemies, good dialog, but generally speaking even BioShock wasn't the type of FPS that would fall within my likings I guess, I did complete it once though, but then I un-installed it and never touched it again due to lack of interest simply said, and I fear that it will be the same with its sequel, which I don't think I'll bother buying anyway.
That's for single-player FPS'es though, because as long as multi-player focused ones are concerned I feel better, I've enjoyed Quake III Arena, Tribes and its sequel, all the Unreal Tournaments (including Consoles versions since I owned UT on the Dreamcast back then and then on the PS2 later on, that's also true for Q3A on the DC and PS2 as well), even up to UT3 which I own on Steam and play from time to time (it's definitely much better now than it was at release, that's for sure). I've also had TFClassic, Natural Selection and some other GoldSrc multi-player games, and now with TF2, L4D (although that one is getting less interesting over time for me, but it's still fun with good friends and no frustration thrown in, but that's rare). So as far as FPS multi-player goes it's more than enough to be honest (I almost forgot to mention Crysis Wars and Enemy Territory, along with the Battlefield series, and again many others).
The problem with FPS games really lies within the single-player focused ones, those are certainly suffering. When I look at things retrospectively however I do remember seeing poor single-player FPS games, the "good ol' days" aren't immune from poor quality products, but within the past ten years or so there definitely is an increase in the frequency at which bad games come out, and a decrease at which good ones are made, that for me is absolute and clear.