orcishgamer: No, I'm afraid the gazillions of dollars, whether well or ill spent, are not down to the common culprits you seem to blame (along with everyone else). I'm sorry, but the industry chronically underpays and overworks their developers compared to other industries that employ software devs, I suspect the same is true of the other professionals the game industry employs, and yet AR, especially payroll, is undoubtedly their greatest expense. Perhaps some great games can come from indies, and certainly the indies "won" 2011 in my estimation, but you're never going to get your next Batman or Dragon Age type game from indies. Saying those games shouldn't be made is fairly elitist, and most of the cost is paying wages, even as unfair as they are.
I wish I could find the article how one game developer feels the big game companies are wasting money quite inefficiently, I think one point was that they are hiring too many people for trivial tasks. Since I don't work in the field, I have to take his word.
I think the companies are free to make any kind of games they want with any budget they want, but they shouldn't be complaining if they are losing money on those big projects (except if it is clearly due to piracy, because pirates are playing the games without paying what the publisher is asking for the game). Like how so many developers try to make the next successful pay-per-play MMORPG, Fine, go ahead, but I don't feel bad at all for not buying nor playing your MMORPGs.
If the companies feel their current budgets are fine and they get enough money back for their projects, then there's really nothing to discuss I guess. Yet, I keep seeing these complaints about "spiralling development costs of games", as if they are a force of nature that can't be fought. Anyway, it is the industry's problem to figure it out, maybe that is why e.g. EA has now entered the "indie market" too, as ludicrous and oxymoron as it sounds.
orcishgamer: Your voice actor point is actually terrible, should a game employ voice actors talented enough to do that they would cost a fuckton of cash to hire. Should the game industry use their employees or other "low cost" individuals to do voice acting then you'll get the terrible voice acting that we've come to expect from the game industry over the years.
I think at least the voice of SHODAN in System Shock and Victoria in Thief (Terri Brosius) was a good use of pretty (I presume) low cost voice acting. But then, it could be my tolerance for "poor voice-acting" in games is quite high anyway. E.g. the voice acting in "Gorky 17/Odium" seems to get lots of negative feedback in user reviews, but to me it is easily good enough to enjoy the rest of the game.