I thought the article was more a complaint about how AAA gaming is turning to cinematics more and more to wow gamers, rather than gameplay.
From one point of view, gameplay is almost the entire point of gaming. But from another, it's the games with great storytelling that make up my absolute favourite games of all time (Planescape, Baldurs Gate, etc.)
I think there's a group of designers who realised that you could try and make a great story with minimal gameplay, hype it sky-high and it'll sell regardless. This seems to be the current AAA model. Just look at the steady dumbing down of the Mass Effect series from game to game, or the horrendous Dragon Age sequel. Mass Effect 2 had some amazing cinematic set pieces, great voice acting, but some of the most boring gameplay I've ever experienced. Linear cover shooter, tediously simple rock/paper/scissors mechanics, overly simple leveling system, etc.
Saying it's just nostalgia is trying to sweep all these concerns under the rug a bit too much. There are definite differences in emphasis in what designers are trying to do with the games, eg. whether it has a cinematic/storytelling focus or a gameplay focus. I think that a lot of older games got the balance right, simply because they didn't have the capability back then to make it "all style and no substance".
The issue is that the large publishers are making money by adopting the hollywood blockbuster model. But every dollar they spend on marketing a crappy cinematic game, is a dollar they could be spending on developing an actual decent game to play. If you had an actual decent game made, it would sell itself and generate enough reputation to sell all the sequels too - just look at how long the Call of Duty franchise has lasted off the back of COD4:MW.
This is why I generally avoid AAA titles nowadays, especially ones that have been advertised and hyped beyond belief (current example: Destiny). I just know that a couple of months after the launch, genuine reviews will be coming out about the game and it'll turn out to be disappointing.