I remember the best time for gaming being between late SNES era (FFVI, Chrono Trigger, ISSD) and the PS1 era. PS1 had so many awesome games in its first iteration, you just couldn't stop of finding something new, original or better done than before. Tekken, Gran Turismo, Parappa the rapper, Bust a Move, FFVII, FFT, MGS, Driver, Wipeout, Castlevania Sotn, Resident Evil...
In this generation, the lack of new awesome things is palpable. Sure, I like nice graphics, but beyond that, you generally have no great advances. I could mention some improvements like better storytelling (wich wasn't that hard, because it's been historically awful in most cases), but for the most part the tendency has been to implement more and more ways to make the games easier (checkpoints, regeneration, vitachambers, etc); too much focus in online elements, wich for some is great, but I really enjoy more SP expereriences; and in general technical elements that do nothing to make the games more original in some way.
Please, understand that I'm not saying that this generation's games are bad, at all. The fun factor has been great, no doubt. But I miss the shock factor.