Games definitely used to kill my productivity by keeping me up until the early hours of the morning, but then fairly suddenly I lost interest in them for no obvious reason. Maybe I just got too old or more likely maybe the new games don't seem as good as the old games and I've played the old ones to death.
My enjoyment of games seemed to reach a peak. I used to be impatient for the next Grand Theft Auto, but after San Andreas I didn't enjoy the newer ones so much (still good, but not as good). The Total War series peaked with Medieval Total War. SimCity peaked around version 3. Elderscrolls 3 was better than 4.
Thinking of them makes me want to go and play...