I have to agree with Raine about BULLY. Since you said you have younger kids playing with you I would suggest that, it's kind of like a children's version of crackdown, you have three neighborhoods you can unlock and it has a good multiplayer you can play with the kids too, you may not enjoy as much as they will.
MASS EFFECT is a wonderful game, but it's also one that you will have to play at least once to see if it's for you. You can get all of the achievements but it takes more than one playthrough to get them all which is great. I believe i got 16 in one playthrough and just shooting through the story I think it took me less than 20 hours to finish, but it has a massive amount of replay value.
BIOSHOCK is an awesome game as well, it has great graphics and it has a pretty decent creep value to it as well (think condemned)
I was surprised no one else mentioned this (or maybe they did and I over looked it). But the RAINBOW SIX VEGAS games are great shooters too ( I would pick up the second one though because it's relatively close to the first one so you won't miss anything.
VIKING: Battle for Asgard is a good game too. Not worth $60 but it is a def. renter or gameflyer
A list of some other ones because this is getting longer than intended. PERFECT DARK ZERO, CALL OF DUTY 4, GEARS OF WAR (as already mentioned), HALO Trilogy (if thats your thing), FAR CRY: PREDATOR, THE ORANGE BOX, SPLINTER CELL games are good too I love DOUBLE AGENT, TWO WORLDS is a cool game if you like Oblivion ( I personally liked it better, I couldn't get into OBLIVION), PREY, STRANGLEHOLD is a good game, I liked it anyway, kind of like a Max Payne feel to it. FABLE is a good game with some what amount of reply value (but FABLE is a personal favorite)
HAPPY GAMING!