Shenmue II was ported to the Xbox, and didn't exactly reap in the rewards, though. This was just before the fast paced games made by developers on speed took control of the gaming marketplace. I do get what you're saying though, games used to actually be praised for having a storyline and cutscenes (just go ahead and read reviews of the likes of Legacy of Kain: Soul Reaver and Metal Gear Solid), nowadays we're lucky if there is any actual story incorporated into it. I've noticed a new movement in the gaming scene, which may replace these games: games that have the player make his/her own story. I know this trend has been going on for ages in the PC gaming scene, but I've noticed it being carried across onto consoles now, as well. Mass Effect, Fallout 3 etc. The non-linear games are taking in the gold and are very well received.
Reviewers often comment on how open and free games are now to explore, they want these non-linear experiences and tend to look down upon the Japanese games since a lot of them have these very strict paths you must traverse. The Japanese love adding in their stories (no matter how good or bad they may seem) and arguably forcing it upon the player. Western reviewers call the Japanese gameplay style "dated" and whatnot, although I definitely prefer that play style myself. Anyway, I've gotten so off-topic now, sorry. Don't ban me.