Patience, thy name is Now Loading...
They've been plaguing the games of our noble hobby for years. Some are worse than others, and some games don't even have them. But we put up with them--we know that just beyond this screen, just a few more seconds later, we'll be head-deep in video game awesomeness.
What I find really impressive is when developers 'hide' loading screens, either during cutscenes or in the background of gameplay. For instance...
"Don't worry, guys. Saren will totally wait for this elevator to go..."
Mass Effect might have gotten a lot of crap about its elevator sequences, and don't get me wrong--I wasn't particularly fond of going baaaaaaaaack and foooooooorth between floors on the Citadel like this, but it beats a dinky little loading screen. Granted, ME2 and 3 load much quicker, but still.
And what about loading screens of the future? Do you even think we'll have them? It's possible they'll just blend into the background--a perfected Mass Effect elevator situation, if you will.
I think I'm going to go play some Loading Elevator Adventures, featuring a Galactic War now. :)