"Who cares about the gore, profanity, and a lack of consequences for committing violent acts--"
Although I agree the cognitive skills are important, I think less gore/profanity and such should be available to the younger age group. I have nothing against something like MW2, as I own it and play it, but there is an increasingly early exposure rate to sex, drugs, violence and such that I wish was not proliferating.
As for games, I am sure they increase reflexes as I have great reflexes despite not being an incredible or avid athlete. I think a lot of my quick critical thinking comes from forced situations provided in games. Although more of an FPS player, I also see the benefits of strategic and "thinker" games. (Portal, HL series etc.)