Besides sharing the frustration of Demon Souls and Ninja Gaiden I'll throw two I haven't seen mentioned (and being in a pretty crappy mood I want to talk bad about them):
-Gears of War: Alright, after the wow factor of the graphics passed, I noticed the crappiness of the gameplay, I found the controls, aiming and movement of the character hugely frustrating, and to top it all the idiotic berserker which if it touched you immediately killed you... which would not be bad if you had a little more speed and agility than an obese snail, I REALLY got frustrated at that...
- Killzone 2: Ok again, awesome graphics... that wow effect passes and... who was the person responsible of accepting the uber crappy controls of this thing??? Made Gears seem as good as call of duty 4 in comparison, the best recipe of how to ruin a game
Honorable mention: God of War (anyone of the series): the unskippable cutscenes and sometimes crappy camera with the not so easy higher difficulties can really get annoying. Not enough to be near to ruin the games like in the previous cases, but annoying, difficult an frustrating sometimes nonetheless.
I'm in a particularly bad mood so I might be exaggerating a little, but I truly felt frustrated with those games.