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Gotta go with the 4th gen, but it probably shows my age more than anything else.

If you weren't there you won't understand, but this was a huge jump in game quality/visuals/everything/etc.

The Genesis and SNES were miles ahead of the last generation. The TG16 was this quirky system that never got as much love in the US, but had some great exclusives. The Lynx was amazing at the time, but the game selection was definitely Atari. The Gameboy didn't look nearly as good as the Lynx or TGExpress, but it had a bunch of decent games.

We even had the ultimate powerhouse gaming system with the Neo Geo. You could actually play the exact same game at home that was in the arcade. Incredible for the time, but the price was astronomical! A ~$700 system and games that cost ~$150-300! That is insane even in today's prices.

Your favorite gen is probably the one you the one that occurred when you were a hooked gamer. You saw that system and/or game and it was incredible, something you had to own.