The real leap in this generation has been less about tech and more about building platforms. Party chat, achievement/high score sharing, and applications have all evolved in ways that no one would have expected 7 years ago.
I do find the games themselves to be a little lackluster. Once we hit the three year mark or so, everyone started just borrowing the best practices of other games, and so many of them feel interchangeable now. For example, almost every FPS that comes out now is based off the Call of Duty model, which was a great model, but now it's just done to death.
It's more of a personal taste issue, but I used to love RPG's, and besides the Witcher, there have been very few that have grabbed me. I enjoyed Dragon's Age, but just as I'm sick of the same J-RPG tropes, I'm also tired of the same western fantasy RPG tropes. Mass Effect was a nice change of pace, but I really disliked the direction they took with the second one.
The real gems have been the platformers and indie games. Mirror's Edge, Super Mario Galaxy, and Super Meat Boy are probably my favorite games of the past generation. I also got into fighting games for the first time, to the point that I bought a huge Hori fighting stick. So the resurgence of the genre was welcomed.
Overall, it's not a bad generation by any means, but I think it's an easily forgettable one at the same time. Since digital platforms will always be evolving, these generational leaps will feel like nothing in the next 6 years, and when we're left to just analyze the games themselves, and we look at those predictable spawning enemies in Call of Duty, the generic characters with no personality in Skyrim, and the repetitive environments of Skyward Sword, these game's successors with leave few remarkable memories to keep.
That is, of course, unless you're young and this is one of the first generations you really got into games. In that case, it will always stick with you.