I still remember paying $90 CAN (including taxes) for Killer Instinct (SNES) when it was still new (same release week). Well, granted, there was the Killer Cut music CD included in it which I definitely payed within the price. But anyway, race cases aside generally speaking most games I remember buying brand new (usually near their release date) on my N64 (for example) would cost me anywhere between $50 to $60. That's Canadian Dollars remember, and that was during the early and mid 1990's, not to mention that back then the US Dollar had a much higher value, so in USD it might have been something like $40 to $50, it was still expensive anyhow. The point is that yes at least cartridge-based games at the time were just "as expensive" as most brand new games today for both the PC and the consoles, regardless of the medium (CD, DVD, or even just digital). It hasn't changed much really, the prices are about the same for most cases, with some exceptions here and there (World of WarCraft for instance, or at the other end of the spectrum, those smaller digital-only Indie type games that only cost $20 or $30 at release).
There's a few things to consider though...
Nowadays (and since a few years) most game's prices for the PC specifically end up reduced significantly in usually a short period of time. Be it the digital version of even the retail version. Take... say... RAGE for example, released on consoles and the PC, a console port. It's on Steam, and retail for the PC (by retail for the PC I mean you can go at a store and pick up a physical copy, regardless of what you need to do online to activate it or whatever). In a VERY short period of time, the PC version went from its initial and expected price of what... $60 it was? To... what $40 now? And that's excluding Steam-specific week-end deals or such special/limited price reductions on top of the permanent price reduction regardless of sales. Can you expect such price reductions for newly released console games? I mean... take a PS3 or a 360 exclusive title (even Wii if you want), but a recently released one (as an example), and tell me if its initial price of $50 (example) would end up being $30 or $40 BRAND NEW (not second-hand, if that's even possible anymore to start with) under a period of say... just a month. Can you normally expect that to happen for retail console games nowadays?
I only own a Nintendo Wii myself with Skyward Sword, but that's it. I could be wrong (correct me if I am) but I do know that my cousin occasionally rents 360 games and he always tells me that prices for new 360 games are anywhere between $60 to $70 (CAN Dollars), and that finding a 360 game brand new (recently released, say just a few months old at most, or at least under a year after release) UNDER $50 is extremely rare, unless you can somehow find it second-hand, or buy it from Mr. Joe on eBay, or rely on Steam for sales, but then when it comes to Steam we no longer speak of console games. I'm not sure... I think it's a question of perception based on any one's personal experiences rather than an actual view on the overall picture. Yes, some games are say... "more expensive" than others, sure, it happens now, it happened in the past as well. Maybe now the more expensive titles are indeed considerably more expensive than their equivalents of the past by a good margin though, perhaps that's the big difference? I mean, yes for example WoW can be expensive (not sure, just saying, I don't own it myself), but then again it surely has a crap load of content and you might be addicted to it (for good or bad reasons) and in the end have a game worth every bit of its value.
When I look at Steam and prices for PC games, even recent ones, for most of them, I feel lucky to be mostly a PC gamer myself. I RARELY buy new PC games at higher than $40 or so, very rarely in fact. And that's not exactly because I restrain myself in doing it, or because I'm "poor". It's just because by the time I am interested in buying the said game(s) often without being aware of it their permanent price was already reduced one, two or three times over the short period of time after their initial release's price. Yes, if I bought games ALWAYS at the very day of their release then sure, I'd always pay around $40, $50 or $60 for them... but then again, that's what I paid when I had my N64 (and my SNES, although back during my SNES gaming days my parents bought them). Generally speaking from what I can see myself PC game prices isn't nuts or "beyond" what it can be compared to from the past. I do mean generally speaking, but yes, there ARE some games that do surprise (well, their prices I mean) from time to time. You see one and you think "Jeez how did we get to this point?", but in reality it was pretty much always the case. In fact, I'd say that with the appearance of Steam alone most PC games prices are actually LOWER than they were back in the late 1990's or early 2000's (retail I mean, back then anyway). Thanks to Steam (Valve) and the competition, prices are usually not only comparable to what they used to be, but it hasn't necessarily been higher either, and it's usually lower over a short period of time as well.
The ONE thing that DID change however, without a doubt, is digital distribution, and the fact that you DO pay a "regular" retail-like price for a game that you downloaded even though there's NOTHING physical about it, but the price is the same as if you were also paying for a retail box, CD, manual instruction and the whole transportation and factorization process to send it physically on the store shelves. Now THAT part of today's gaming cannot be denied. I still remember back during the N64 days when in magazines you'd have editorials commenting on why N64 game prices were generally higher than PS1 or Saturn prices, and that it was because producing them was simply expensive because they were cartridges.
In retrospect and seeing what happens today... one might think that with the advent of digital distribution would be a way to circumvent all that physical and expensive production process, and that automatically it'd mean that digitally-bought games would be less expensive. But nothing has changed, digitally-bought games is just a means of getting it faster, you don't save money in the process for MOST of them. It's just... more convenient, but business-wise... yeah not much is changing. The distribution model changes but prices-wise? It's barely different, excluding the rare case scenarios.