It all depends on what you're talking about, specifically. Two games mentioned here so far are Dead Space and Mass Effect: Infiltrator, both of which are absolutely nowhere near as lengthy, detailed, complex or impressive as their console counterparts. They're considered "console quality" by some, yet they're still a long way off being the same experience.
when will we see more games that push the boundaries AND deliver deep, meaningful gameplay? When Apple builds in a microSD card slot so we aren't so hampered by storage space. Which will be never, since Apple makes 100 bucks on a 16 gig increment. And maybe even 8 gigs, not sure if they make those devices anymore. If I ever move to Android or Winphone, that will be one of the main reasons.
I've lost so mich game progress do to space considerations it's ridiculous, especially when combined with the grind-if you don't buy-iap models of many games.
I pretty much quite buying 1 gig games. I'm sure many have. And publishers will look at that and produce less. Endless cycle, yada yada.