You can't seriously hope that the industry as a collective moves to $2.99 games. Sure, there's a market for those games, but don't kid yourself, there's a massive market out there for proper games (that sounds rather conceited, but so be it).
Perhaps it's the Australian in me that recognises I'm basically always going to get screwed on price when it comes to games, but I think there have been plenty of reasonably priced games released. I'll freely admit I've become something of a Steam fanboy, they have some fantastic deals on there. Without sounding too much like a shill, I don't know how anyone can complain about something like the Orange Box for $35 (that's about what it costs in Australia). I've bought more games in the past year than ever before - and paid far less for them than what I ever have in the past.
Slashdot seems to have yet another case of rose tinted glasses. Hell, I remember buying Street Fighter 2 Turbo on my Mega drive back in...whenever it was. That cost me $120. A lot of the other mega drive games of the day were $80+ (SNES owners can leave their sniggering for another day). I'd never pay that for a game these days, and thankfully, I don't have to.