At this time, there is no clear evidence that playing typical video games has any benefit beyond the entertainment value.  There is clear evidence that games focused on teaching specific skills are effective. There are also some games that might increase a player's awareness of social issues. There is mounting evidence that exposure to violent media increases the relative risk of being aggressive and becoming desensitized to violence. Children of different ages may be affected differently, we just don't know yet.
Best advice for typical entertainment video games, play in moderation.  

Jeanne H. Brockmyer, Ph. D.
education.com expert clinical child psychologist