I am going to include both Cut Scenes and Scripted Events into this answer:
If done right, they can be an enhancement to the story, but once they become the mechanism for delivering the story, then the game suffers. For example, there was a Final Fantasy game a while back, the one where they play Soccer underwater, and the first hours of the game were nothing but cut scenes, I lost interest after a few hours and never picked the game up again.
Bethesda tends to use this mechanism only when it is needed and at critical plot junctions, where it makes sense to have an interruption to the game.
So, for me, Less is More when it comes to cut scenes and scripted events.