I'm not sure if I qualify as old, but whatever - I'm probably close enough.
For me, the last generation that felt magical was Gen 6 (DC, PS2, GC, Xbox), because it was a combination of high quality, frequent innovation, and speedy release schedules. Hardware during this era was finally advanced enough to do 3D gaming properly, and developers absolutely delivered on that promise from the start of the gen. Owing to that, you also had games regularly trying new ideas, and AAA devs were still willing to throw crazy shit at the wall to see what would stick. I'd argue it's the last generation where that's been the case, at least to that extent. Development budgets were getting higher, but they weren't so high that complete risk aversion had set in. Maybe the craziest thing about that generation when you look back at it is how rapidly new games came out and still managed to raise the bar higher. You could have yearly good installments of a B-tier franchise back then, and AAA studios didn't take 5 years to pump out a game. That added up to a huge quantity of good games to play. So many that I'm still regularly going back and finding new stuff from that era that I want to check out today.
By Gen 7, the magic was gone. The HD era had consoles that weren't up to the task, so everything ran like shit and lacked polish, and game development took forever. And Japanese studios had no idea how to cope with the modern era, so you basically had dumbed down PC ports and clumsy open-world games for like 7 years and were expected to be happy with it. I do think things have gotten a lot better since then, and game quality is very high right now, but the innovation and risk taking just isn't there like it was back in 'the day'.