Time waster or stress reliever? My husband plays video games like Ratchet and Clank because it is fun and he says he doesn't have to think. My 10 year old son, who is half-way through my old college economics textbook thinks video game sales might even go up a little during a downturn in the economy, because it might be one of those affordable luxuries that people buy to make themselves feel better, kind of like when women still bought lipstick during the Great Depression.
My son's favorite game at the moment is a free online game called Puzzle Pirates.
http://en.wikipedia.org/wiki/Puzzle_Pirates