Judging by the amount of squeaky voiced kids I end up meeting in GTAV I would say it's pretty obvious that a large number of people completely ignore the ratings anyway.
Don't know about you yanks, but here in the great land of Britannia age ratings are taken rather seriously. I used to work at GAME, the issue of age ratings was taken very seriously. If you someone was buying a gaem for someone under the age classification ala parent buying CoD for their 8 year child. We had to verbally inform the parent that the gaem is likely to be inappropriate for their child. If this results in a loss sale,everyone was ok with that as we took the age rating issue very seriously. It didn't stop people buying 15 or 18 rated gaems for their 10 year olds but we fulfilled our responsibility in telling the parent about the gaem being highly inappropriate for their kid.
The AO rating is utterly useless as it stands, it's barely used, since any game that gets it essentially gets a death sentence.
Actually, the truth is quite the opposite, an Adults Only rating generally boosts interest in a game and heightens public awareness of it. It's often used as a ploy to increase sales of lackluster games, and has been a popular marketing technique in Hollywood for many years.
You covered the big item that I was going to include - that on the whole the system works rather well on an objective metric basis - but there's one other item I'd like to throw in with that.http://www.digitaltrends.com/mobile...ctive-as-85-of-parents-understand-the-system/
http://www.1up.com/news/ftc-finds-game-ratings-more-strictly-enforced-than-movies-music
The ESRB ratings, on the whole, are helpful and well enforced. I think that any problems with the ESRB are really just problems inherent to any ratings system where a few people try to objectively judge something's content.
You covered the big item that I was going to include - that on the whole the system works rather well on an objective metric basis - but there's one other item I'd like to throw in with that.
For the matter of Phoenix Wright 5 in particular, it's important to keep in mind that it's a digitally distributed game. Digitally distributed games are evaluated slightly differently than physically distributed games, mostly due to the fact that it would be impossible for every indie to afford a formal rating, and the amount of time it would take to evaluate every last game ever made would border on the impossible. Digitally distributed games are essentially a lower tier of games where the developer/publisher gets to assign their own rating, using a series of guidelines and questionnaires to help them.
http://gamepolitics.com/2012/10/24/...port-digitally-distributed-games#.UIhTXGl270A
Because of this, the rating that Phoenix Wright 5 has is more so Capcom's decision than the ESRB. This isn't a third party assigning an M to the game, this is Capcom deciding on their own (based on the guidelines) that the game deserved an M. Now the ESRB created those guidelines and is responsible for that much, and for publishers/developers like Capcom you want to properly adhere to those ratings so that you uphold the integrity of the system and don't undersell the objectionable aspects of your game. But at the end of the day the game has an M because Capcom wanted it to.