One big bug bear I have when it comes to the use of low resolution shadow maps in console games is that in many cases, the subsequant PC port doesn't support higher resolution shadow maps.
Prince of Persia would be a beautiful looking game but its visuals can be utterly destroyed at times with loads of hideous looking super low resolution shadow maps all over the place, its a huge eyesore. My GTX 260 runs the game fine at 1080p with 4xAA/8xAF with a near constant 60fps so its just aggravating knowing that my sytem could quite easily render much better shadows but the developers have decided to block me from doing so. COD4 is an equally annoying case, the shadows in that game can look ridiculously ugly at times.
Both Unreal Engine 3 games and Crysis for example let the user set the level of their shadow maps in config files and I just wish more developers would allow similar levels of tweaking. Honestly, I'm just not the biggest fans of extensive use of shadow maps in general if one is working within the restraints of the current console level hardware, the prebaked lighting/projected textures of Mirror's Edge and Source with minimal dynamic shadows gives a much better end result despite it being less accurate imo.
Mirror's Edge really is a stand out example to me for the merits of lots of quality prebaked lighting, the end result (especially on a high end PC) is stunning, and yet not computationally expensive. Having said that, I think Doom 3 really spoiled me, it seems absurd that game's are desperately trying to match the standards set by a game that's coming upto 5 years old now. I understand stencil shadows are far from ideal for current console hardware but there's definitely examples of them working very well in some current generation console games, Riddick and Prey, for instance so perhaps its not as an unusable method as some suggest.