I don't see it either way, but rather as a very individual thing. Every person who plays games, watches movies, watches sports, or engages in any other form of entertainment does so for their own very personal and individual reasons, of which they're likely to find like minded individuals that share some of the reasons. There is no right or wrong how someone goes about measuring the value that a given item of entertainment has, it's just their personal way of measuring it for themselves rather than a rule everyone else should equally follow. It's a very individual thing relative to one's own personal situation, saturation, amount of free time, context and other factors.

Personally I own around 1000 games now, have a multitude of movies, TV shows, music, documentaries, comedy stuff and endless other entertainment sitting here at home right now. If I got cut off from the rest of the world somehow and could never buy anything again, but could use what I already own I could easily remain entertained for at least the rest of my life without getting bored, not counting various other activities such as being a guitarist and other hobbies and interests as well. One could say I am very well stocked up. So from my context a game has to have something that really appeals strongly to me personally in order for me to consider buying it, and the price has to match what I expect the entertainment value to be along with other factors as well and all that is relative to not buying it and just enjoying what I already have too. "Hmm, this game looks cool but I already have 30 games like that, so maybe I will buy it when it is $2 and throw it on the pile." is one of the thoughts that comes up often.

My personal interest tends to be in games that allow me to become immersed into a game world and experience it for a reasonably long period of time. There are no solid time range boundaries, but in general games that are 20-5000000 hours long appeal to me, where I generally double the normal time it takes someone to complete the game in question as I tend to savour my games and drag them out twice as long too. A 1/2/3/4/5 hour long game just doesn't hold my attention span as it's over before it starts to me. I have played some of them too, like Dear Esther which turned out to not really be a game at all, but I finished it in about 90m and found it rather unexciting.

I'm not criticizing short games, nor people who like them - I just don't understand the appeal however my metrics for what appeal to me are obviously different, but that's ok too. After I finished The Witcher 3 about 5 weeks after it came out, I took a break and played Kane and Lynch, and then it's sequel. Without speaking of the game quality and enjoyment itself (which did leave a lot to be desired), both games were shockingly short to me and just added to my relative disappointment. Fortunately I only paid about $3.50 or so for the games bundled and so I felt that even though I wasn't thrilled with them I did get my entertainment value out of them in $ per hour of game play even though the games weren't great. I wouldn't pay $2 for a Kane and Lynch 3 though even if it were 30 hours long. :) So it's not just the amount of time that is important, but the quality of the game experience too. If a game is much higher quality and has a fantastic experience but is a bit shorter that might be fine too, but it has to meet an unspecified minimum length for me to really get interested.

I'd rather have 1 epic mega game that takes 1000 hours to complete for $60 or less and keeps my interest the whole time with maximum immersion and potential replay value than to have 10/50/200 games 5 hours or less that come in a mega bundle for $5 total. The epic mega-Skyrim/Witcher/PillarsOfEternity or whatever it is is so much more exciting to me even if it costs more. The thing is though that these games age over time and their prices drop so it is super easy to find epic games that have a billion hours of awesome gameplay for $2 or $5 etc. so I can't help but gravitate toward that.

Having said that, I could play Goat Simulator for a year straight without sleep though too. :)