I think now is the point that the 'graphics' have set in, and where HD graphics are beginning to crawl forward in terms of what they can do until new SDKs and budgets can give us "insane" games, graphically.
So now what matters is gameplay, and the like, since we're not in awe anymore.
Personally? This generation is great. I've played dozens of incredible games, just like I did in the PS1/N64 era, just like in the SNES/Gen era, and like the PS2/XB era (except I rarely did a lot of console gaming then).
Each generation will have it's "must haves" and unimpressive games. Compare 2000-2003 to what we have now, and I think there are some great games already out.
But lets not forget what impressed gamers after '03 for last-gen:
Resident Evil 4
Final Fantasy XII
San Andreas
God of War 1/2
Okami
Metal Gear 3: Snake Eater
Guitar Hero 1-3
Shadow of the Colossus
Ratchet & Clank: Going Commando
Dragon Quest VIII
Gran Turismo 4
Metroid Prime 2
Legend of Zelda: Twilight Princess
Ninja Gaiden/Black
Project Gotham Racing 2
Forza Motorsports
Psyconauts
And the list goes on and on. Point is that just because 3 years passed last generation (the mid-way point), they saved the best for last. This generation is the same way: Given time, new masterpieces will come out. We're getting awesome games now, and the time to deliver awesome games has been shortened, so it only makes me wonder what sort of awesome is coming up.
PS with the Chrono Trigger analogy: Chrono Trigger was one of the oldest games for the SNES when it came out. The system had already been out for 5+ years when it made it's debut. The same can be said for FFVI, SMRPG, DKC, KI, and other masterpiece SNES classics. As a system ages, the true gems come out. It's been that way every generation.
Back from the dead, I'm afraid.
