Recently I bought "Heroes of a Broken Land" - a procedurally generated party-based dungeon-crawling game. After 20 hours, I had largely exhausted the game's content - all equipment tiers were maxed out, characters weren't gaining skills or perks for leveling up. Enemies remained the same, just with more health and more damage, turning every fight into drudgery with more numeric inflation than the Venezuelan economy.
Today, I found a bunch of articles in the news about the much hyped "No Man's Sky" (procedurally generated spaceflight and survival game) having a shortage of content. According to the news, someone paid for early access and found that the game was largely completable in 30 hours (instead of the 100's of hours advertised). If you look at that game's forum on Steam, there are a few posts from angry players cancelling their preorders.
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Is procedurally generated overdone and overrated, or just overused? IMO, the main problem is developers that are either lazy or lack the resources to create meaningful content, instead leveraging procedural generation to do all the work for them. In practice, that only produces a game that's over 9000 miles wide and a few inches deep.
The best solution would be a dedicated developer team with a budget halfway between "indie" and "AAA", combining procedural generation with a generous amount of hardcoded content (usually storyline and quests) and regular content updates.