I don't factor nostalgia as a reason to prefer older generation of games to current generation games, it's all about how you percieve each individual game and how it has affected or shaped your gaming life whatsoever.
My favourite list of games ranges throughout all generations, genres and consoles, because each has given me a piece of gaming that I didn't thought possible before playing them.
My favourite game of all time is Lufia 2, but I also consider Parasite Eve, Diablo 2, Gran Turismo 4 and, most recently, Demon's Souls, to be the epitome of gaming for me.
Current PC Build
CPU - i7 8700K 3.7 GHz (4.7 GHz turbo) 6 cores OC'd to 5.2 GHz with Watercooling (Hydro Series H110i) | MB - Gigabyte Z370 HD3P ATX | Gigabyte GTX 1080ti Gaming OC BLACK 11G (1657 MHz Boost Core / 11010 MHz Memory) | RAM - Corsair DIMM 32GB DDR4, 2400 MHz | PSU - Corsair CX650M (80+ Bronze) 650W | Audio - Asus Essence STX II 7.1 | Monitor - Samsung U28E590D 4K UHD, Freesync, 1 ms, 60 Hz, 28"