It's pretty ridiculous that console games are $60. It makes no sense. The most hilarious part is that publishers seem to think they NEED those high price points to recoup the costs of development on titles that didn't sell well. But the titles that didn't sell well did so because they were priced so high.
The games industry is one in which something like 90% of titles lose money and then the remaining 10% make it all back. This is completely ass backwards but not a single publisher has the balls to publish good (but not great) games at a lower price (or are restricted from doing so by platform EG MS and X360). Now its clear that just starting at a lower price isn't going to pull in 15x the money like steam did above (obviously steam's sales have a dual component nature of both "hey its on sale" and "hey its cheap"), but anyone with half a brain can see that fucking Tomb Raider Underworld IS NOT WORTH $60. But I can tell you that I would have gladly picked it up for $30. Alot of people would. Meanwhile Fallout 3 could have been $60 or even $70 and still sold very well. The media costs even without digital distribution are really low, so it is not as if there is a problem there.
The problem here I think is an industry stuck in its ways.
tl;dr publishers are ignoring the potential benefits of lower prices, and shooting themselves in the foot by making 90% of games lose money