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Wagram said:
At the same point in time last generation, it sucked as well.

That's true, but for me the difference is that there were enticing things on the horizon at this point.  Metal Gear Solid 4, Bioshock, waiting to see if Killzone 2 could match its E3 '05 video - there was just a lot to be excited about for me.  

Regarding Sony and Microsoft's offerings, there's almost literally nothing I'm the least bit interested in that's even been announced so far (save for the prospects of Uncharted 4), much less what's out thus far.