To be more specific, I'll have to say the time between 1991 and 1995 was awful for gaming. Think about it this way, while PlayStation start at the end of that time we had this four to five year period where everything in gaming seems to be coming unglued.
Sega-CD, CDi, 3DO, Jaguar were all coming out and were okay at best and junk at worst. This is also the time of weird handhelds Atari Lynx, Sega Game Gear and NEC's Turbo Express, which will interesting were battery hogs that ended up being heavy and weird as opposed to the simpler crusty-old GameBoy.
This was the time when video arcades were really struggling. In 1987 you see Street Fighter and other copy-cat 2D which is cool, but as fighter rise the rest of arcades games are nose diving. By 1993 we start seeing Virtua Fighter and Tekken start to appear, but as those rise even higher the rest of the games in the arcade are empty.
I think so much was happening in 1991 to 1995 that just seemed terrible for gaming. Moreover, the real introduction of 3D was painful, people were used to a look, feel and gameplay set in 2D that was just not going to work in early 3D. It was not until 1997 that most companies had 3D under their belts well enough to produce solid games that looked good and felt good in 3D.
But yeah, the fifth generation is where consoles began to truly shine and has arguably the best year of gaming during that era - 1998 - but it was also a time of great innovation and the foundation of many modern franchises. Sure, 90% of the games coming out at the time were mediocre (see also: Sturgeon's Law) but it's hard to look at some of these line-ups and say the era was a pit.
PS1 -
- Metal Gear Solid
- Castlevania: Symphony of the Night
- Final Fantasy VII-IX
- Final Fantasy Tactics
- Vagrant Story
- Resident Evil 2
- Gran Turismo
- Valkyrie Profile
- PaRappa the Rapper
- Tony Hawk's Pro Skater 2
- ...and about 20 or so other RPGs. (Xenogears, Suikoden II, Vandal Hearts, Wild Arms, Chrono Cross... okay, I'll stop.)
N64 -
- Super Mario 64
- The Legend of Zelda: Ocarina of Time
- The Legend of Zelda: Majora's Mask
- GoldenEye 007
- WWE Wrestlemania 2000
- Mario Kart 64
- Banjo-Kazooie
- Perfect Dark
- Star Wars: Rogue Squadron
- Super Smash Bros.
- Waverace
- Ogre Battle 64
Saturn -
- Nights
- Panzer Dragoon Saga
- Burning Rangers
- Virtua Fighter 2
- Dragon Force
- Tomb Raider
- Grandia
- Battle Garegga
- Radiant Silvergun
- Guardian Heroes
- Wachenroder
- The list goes on and on...