I'm in the same boat as well. I have two boys that are 4 and 1, respectively, and don't have much time for console gaming anymore. In fact, I'm still working to play through Skyward Sword over the weekends or late at night. Gone are the times when I could just spend hours on end with console games. I still find time for certain games when I can, but making my way through a game much more protracted experience these days. I imagine that the remainder of Skyward Sword as well as Xenoblade and the Last Story will keep me occupied through the rest of the year, console-wise.
I too play more handheld games because of the reasons that others have already mentioned. I don't regret my 3DS purchase either, especially since many of the games coming out for it now are as good or almost as good as many of the games that were coming out during times when I could play games with reckless abandon. I'm looking forward to several of the games coming out this year for the 3DS as well.
My oldest son is at the point where he's starting to get interested in some games, and I'm excited about that. Currently, the only thing he wants to do is press the "gas button" in Mario Kart Wii...I think he feels too intimidated by the idea of playing it himself. I do look forward to playing the Wii and Wii U with him in the future. I have fond memories of playing games with my dad; we had endless hours of fun playing the original Mario Brothers, Super Mario, Zelda, etc. together.