It's not just semiconductor companies, the frequency of acquisitions/consolidations has increased in other areas as well. Just an example: IBM bought several noteworthy companies in recent years, so have others. Mentor got bought by Siemens, Eagle got bought by Autodesk (and the reaction is universally bad).
Do you think it is good for us - customers? If companies integrate more technology in their new chips it is good for us... wright?
No. Monopolies or oligopolies are rarely good for the consumer. Basically, if the buying company just wants their patents/IP they might discontinue the products (or a portion of them) of the acquired company. Also, larger companies tend not to give a shit about the smaller customers (smaller = buys less than 100k pcs/year), so you may expect NDAs popping up instead of previously available datasheets, depending on the corporate culture. And then there's the part where competition leads to innovation. And also the entry into a market that's controlled by a few gigantic companies is pretty much impossible.
As to more tech being crammed into ICs, well, that's nice, but at the end of the day you don't want the simple devices to disappear. Basically, you want a market where you can get a non 0.5mm BGA version of the chip you want.