Game Dev Story is an addictive game available on Android. You own a game developer studio, that starts out small. Making games and trying to make gain popularity, your studio grows, as well as your staff as their skills grow and produce better games.
As you gain money, you can buy licenses for newer consoles, and make better games. Eventually you can develop your own console, and develop games for that, generating more money.
The console cycles in game follow closely to consoles in real life. It ends around the time we are now, but you can keep making your own console and keep on playing afterwards.
Link to it on the Android Market website below. The full version is just £1.48 and is worth it. There is a Lite version, but I don't know how restrictive it is.
Game Dev Story - Android Market