Comment The proper measure involves calculus (Score 1) 188
Time/Money is a poor metric for reasons many have posted. I think my formula is pretty decent. It is a pretty good approximation of my actual feelings about a game.
Let f(t) be the function of fun over the course of a game.
Let E be the constant that represents my average entertainment during my freetime (when I could choose to play a video game or not).
Then the value of a game to me is the (integral on t of (f() - E)) / (cost of the game + small constant) + various bonus constants.
These various constants tip the scales a bit but don't generally massively change the overall value.
They include positive bonuses for:
* Open Source
* Cross Platform
* "Independently" developed
Games that have done very well by this metric:
* Civilization I, II, IV, Alpha Centauri, the original Colonization
* Half Life (original) + free Counterstrike and Day of Defeat mods
* Dwarf Fortress (bay12games.com)
* Company of Heroes
* Starcraft and Warcraft II