1. Video games which could have been great on PC's at one time, but were changed to console (or ported from console) by someone who did not understand the benefits and potential of gaming PC's.
ex. - You used to have something cool, but now your stuff
"That game used to pwn, but now it blows. They consolenerfed Modern Warfare 2."
"This game would have been so much better if the designers didn't consolenerf it."
Often refers to games released by video game developers who started by developing great PC games, but decided to take advantage of the PC gamers by using their profits earned from PC gamers to then focus development for console games (Xbox/PS3/Wii), because the casual gamer could care less about quality gaming which is left to the hardcore gamers who enjoy competition.
2. Consolenerfed - verb -
a. To make something pointless whereas before it was productive
b.To Stop something from working
Usually a term used in online games:
'' Aww Gawd...They Consolenerfed COD MW2 by not including Dedicated Servers!''