Many of us enjoy expressing ourselves through electronic games. As such, I feel that this aspect of our lives should be shared among our fellow gamers in the LessWrong community.
Video games are a great way to reduce compartmentalization and learn real-world rationality skills. Indeed, what brings us together at LessWrong can often be our love of games; someone in the LessWrong community without this advantage might find learning rationality difficult. In this light, outreach into the transhumanist/rationalist community to promote gaming is low-hanging fruit for serving the future of humanity.
Please consider this post a unique opportunity to begin discussion of this important issue and facilitate further debate in the near future.
(Note, while this post starts off with evidence, A fair amount of this post is rambly/anecdotal. Please don't take those parts as evidence. I realized I started simply adding my personal experiences about gaming, but I didn't want to delete it, because it did seem relevant to the question.)
Jimrandomh also mentioned specific classes of video games, and to expound on his point, there are certainly some videogames which are substantially more devouring of life's potential then others.
First of all, there are those cases where people actually die from video games. http://en.wikipedia.org/wiki/Video_game_addiction#Notable_deaths
Those are rare, but they do happen, and certainly are a very literal example of Jimrandomh's point.
Also, there is a class of videogames that are designed, not primarily to be fun, but primarily as an engine to keep you online and spending money. As an excellent example of this, almost anything made by the company Zynga. http://en.wikipedia.org/wiki/Zynga
To be more specific, there are consequences if you don't play. Take Farmville. If you don't play, you'll experience disutility. Not just from "I could have leveled up if I had another hour to finish that quest." that you might see in any videogame, but an additional crushing of resources when all your crops rot.
Or in Zynga's cooking game, you have to cook at least once a day for 7 days to earn specific prizes. Played 6 days in a row and want to take a break on the 7th? No best prize for you, back to the beginning of the week.
Another characteristic of Zynga games is the way they guide you to the payment screen. "No Energy? Want to buy an energy drink for 8 coins?" "No Coins? Want to buy more for real money?"
Also want to get the best bonuses? Better get your friends hooked on the game to, you need their help to build your super stove. Well, unless you want to buy super stove parts with real money, we do that to.
This is not to say that Zynga is the only company that does this. But they make such a very, very good example of a video game that you should avoid.
Now, I don't want to give the impression that all games are this bad either. I remember having fun on Sundays playing Heroes of Might and Magic IV with my dad. It's hot seat, so only one of us could play at a time. My Mom would frequently take advantage of this to get whoever wasn't playing to do the dishes, and my Dad and I would switch off. This helped break up a boring task with a fun stimuli, while allowing me to enjoy interacting with my Family.
However, recently I was playing Dungeons and Dragons Online. I was feeling bored (and more then just a little sleepy), and I actually ended up being so bored/sleepy that I was dying and didn't even notice it (I had the sound off.) I actually had more fun cleaning up the house for my Inlaws then I did playing that game, In this case, the game had gotten so boring that the cleaning was the fun stimuli, and playing the game was the boring task.
In a twist, I had more fun playing through that exact same level again the next day, when I was freshly woken up, and thinking to myself "Alright, THIS TIME, I'm not going to let the boss kill me through sleepy inattentiveness." I then crushed the level by setting almost everything that wasn't me on fire. And it was fun.
Which brings up another excellent point: Games can be fun. But games can also make you lose sleep. This is not a generally not a good tradeoff. I specifically deleted my accounts on one game (Pardus) when I was bothered by the amount of sleep I was losing over it.
I think another reason that I stopped playing it is that my best friend had stopped playing it. This is something about games: If a substantial amount of your friends are playing a game, then playing the game is socially inclusive: It gives you something to interact with your friends about during times where you are socializing. This isn't limited to just video games either. People do the same thing with sports when they say things like "Did you watch the game last night?" and then talk about home runs and touch downs. If none of your friends are playing a game, then the game is exclusive. You feel more distant from people and no one really cares when you are talking about it. In my case, Pardus was being socially exclusive, which is another reason I stopped playing.
Another perspective on devouring lifes potential is that games essentially delete substantial amount of time where you are bored. If you didn't have games, you might think to yourself "I'm bored. Let me go write that story." or "Let me go smash that rotting bookcase into pieces small enough to fit in a trash bag." But if you are a gamer, you might instead think "Let me play some games." and then the more productive work doesn't get done.
Of course, this isn't necessarily the case. If you were to replace video games with rereading TVTropes, then it doesn't really matter: You weren't going to spend that time doing productive work just because you removed video games from the equation. I've been in both cases, although I haven't tried to gather statistics.
I suppose one factor which is likely to bias my opinion in favor of video games is that I met the first woman who I seriously dated, and who later became my wife, when she thrashed me in a video game tournament. That was Soul Calibur 2, specifically. But comparing Soul Calibur 2 with something like Farmville seems bizarre to me. I mean, yes, they're both games, and yes, they're both played on video screens, but they have so many large differences.
The set of people who have died due to video games seems to be so small as to not be at all relevant.