I have been an adult since I bought the first NES for my kids, so I can say that nostalgia does not apply to me as much as for others that started playing as kids.
The transformation from NES => SNES/SEGA GENESIS was great! Everything looked better and you could do so much more than before.
The transformation from SNES/SEGA GENESIS => N64/PS1/Saturn was great! The graphics, the scale, the details, 3D!
The transformation from N64/PS1/Saturn => GC/PS2/DC/XB was great! Could it be better and grander than GTA3!
The transformation from GC/PS2/DC/XB => Wii/PS3/X360 was good. Wii made you believe that gaming could be for everyone. The graphics, scale and details of most games were on the level of GTA3 and better.
Somewhere here it became boring, With the rise of the competitive scene games went from fun to chore. If you were single-minded enough you could get rich on gaming. Along comes Minecraft (and the whole indie scene) showing us that graphics does not equal greatness. The rise of retro gaming shows us also that gameplay is more important than graphics.
The transformation from Wii/PS3/X360 => Wii U/PS4/XB1 is a long overdue technical upgrade of the hardware. Not much more.
What this transformation lacks is the WOW-factor that could/should have been provided by VR - AR - HoloLens - IllumiRoom or something else that would expand the gaming experience. What we get (i.e. buy) now is GTA3-kind-of-games with slightly better graphics.
The grand scale space games (No man's sky, Star Citizen, Elite: Dangerous) may be what will make gaming vital again, but are PS4/X1 even able to handle such games or do we have to wait to the next generation?
As you might have noticed GTA3 was THE game in my lifetime.