I think this is a really interesting topic. How much do we decide the value of a hobby, and how much of it is decided by society? If someone devotes their time to chess, is that somehow more valueable than someone that plays DOTA? How much of the value is determinded by the game itsef? Just like the discussion about Young Adult fiction and its value compared to other types of fiction, does a game genre matter? This is all similar to the whole Rock Band vs learning to play an instrument conversation as well. I know I'm just asking a lot of questions here, but I'd be interested to hear what others have to say.
Just to put in my own two cents really quickly, I think some hobbies probably are more valuable than others, especially when viewed in the context of a results-oriented society that we live in, but I think that takes the conversation in a different direction entirely. I also think the game itself makes a lot of difference. Games like Minecraft or Civilization seem to operate on a slightly different level than something like Modern Warfare. All that said, there's still something to be said for the value of enjoyment and relaxation, but it seems like there might be a line between enjoyment and over indulgement.