Polish v. Release Date

So I'll forego the massive list of games that have been released in the last couple of years that have required various updates before you can even play them, but I'd love to know what your all's thoughts on this trend are. I was watching Day[9] play GTA V and kept thinking, "This is part of the reason why I and others I know have preferred console games in the past. No patching. Well, so much for the biggest advantage console had over PC in my opinion."

I remember the days of release dates for games getting pushed back constantly because the games weren't ready, but it seems like anymore that releasing on the day they say is more important than having a game that actually plays. I personally find this frustrating. I'd love to see a game release when it's ready, and get so frustrated otherwise. As it is, I tend to wait a few months before grabbing a game, to allow for all the patches and bugs to fix so I can actually play the game, but it means I wait, and then I wait some more while patches and updates install.

Thoughts? Which would you prefer?