I've played lots of games that require quick decision making skills and working memory, and perhaps it will become increasingly clear that when I played them, I wasn't just wasting my time.
As younger generations gain power, traditional wisdom will change and maybe people will start to see video games as productive. Really, the only downside I see with them is that they can displace exercise and face-to-face communication -- I know games can be social, but you really just need time talking to other people with no distractions. But if you balance your life appropriately, why not?