I basically did the same with ps2 - ps3. I didn't outright skip the ps3 but I would have MUCH rather have bought and played high quality ps2 games for less than $10 than spend an absurd amount for new ps3 titles.
Ps3 collection (picture taken 2 years ago. Not pictured Red Dead, Max Payne, Battlefield, etc.): http://imageshack.us/f/42/imagehnsf.jpg/
During the time period when "ps3 had no games" I was just fine with my ps2 collection. I wasn't at all a fan of most games this gen although now that ps3 is reaching its twilight years I'm beginning to see some really cool titles being released.
It was worth it at the time but this generation (along with other long story personal matters) has kind of helped me realize that I'm just not that into games anymore. I'm currently in the process of selling every single game I have and only really keeping my eyes out for one or two games a year like The Last of Us and GTAV. I don't plan on buying a ps4 right away but sometime in the future surely. However when it comes to games, I'll be playing... casually as opposed to corely.