About Sega and their 1st/3rd party games - Binary Domain was severely underrated; Sonic Generations is pretty good; Alpha Protocol was also underrated; and they have Creative Assembly & Relic with them.
I agree that Binary Domain was pretty good, which isn't a surprise since it was developed by the theam that made Yakuza. Sonic Generations was a step in the right direction, but i'm a huge Sonic fan, i enjoy even the bad Sonic games (yes, i enjoyed Sonic 06). Alpha Protocol was made by Obsidian, Sega just published it, so it doesn't really count.
Sega does come up with good games every now and then, but it's a far cry from what it once was. There is still no recent Sega game up to the standard set by Jet Set Radio, Shenmue, Panzer Dragoon (especially Panzer Dragoon Saga), Shining Force, Phantasy Star, Vectorman, House of the Dead, Nights into Dreams and the list goes on.
Somehow, Sega lost it's "passion" when it went software-only. I really miss the old Sega. Sonic is the perfect example of how much Sega fell into mediocrity: the series went downhill after Sonic Adventure 2. Generations is a sign of recovery, though (if you forget the abysmal 3DS version, that is).