I dunno if the change in how kids grow up is that drastic.  Only 10-15 years ago it seemed that myself and my freinds were always coming home carrying one buddy with a busted leg or arm... or my mother was driving one of us to the hospital for stiches because we jumped off a 20 foot cliff to see what would happen.
All of us had video games, movies, etc but we would always be outside.  I dont think electronics can be blamed for creating couch potato kids.  If the kid wants to stay inside, thats it - games or no games.
Today in my area it is actually illegal for a child under a certain age to be on a bike without a helmet.  Same holds true for skates... skates for crists sake.  So now what you have is a 12 year old kid rolling around on roller blades wearing class 3 body armor.  Helmet, knee pads, elbow pads, wrist guards, gloves, shin pads... you get the idea.
When I was younger, we used to play rollar hockey in the streets constantly - we didnt use helmets or pads... hell, we'd have an "injury" everytime we played.  (learned to drive a manual transmission on the way to the hospital at age 15).  I even broke my arm (the first time) in Kindergarden - on school grounds - after school was over - playing football without any teacher paying attention to us - without filing a lawsuit.... imagine that.
We used to get hurt - it was just part of the activity.  Today it seems that parents want to protect their kids from everything - its just gotten a little bit out of control.  60 pounds of body armor on rollar skates for what?  To prevent a skinned knee?  Get over it.