Something's missing this generation...what is it?

[Mnementh]

Magic.

Every form of entertainment tries to evoke emotions. How is this realized? Sometimes one thing works and if someone else tries the same it doesn't work. It has some air of magic. We can like games, that have gameplay, artstyle, music and so on we don't like, but somehow the combination works out great. It is magic. You can also find entertainment in the console-race as it is. You describe that a lot in the OP. For starters, the console-race isn't that exciting to begin with. WiiU as early starter disqualified itself in the race before the others released. PS4 has beaten from the beginning the X1. Back then it was more complicated. The Wii surprised everyone. With every title it was asked if PS3 can beat X360 or stays behind. That in itself was more exciting.
Also you have seen more and change. What was exciting before induces no longer the strong reaction as it did in the past. Think, that people that started gaming with this gen or in the end of the last gen probably think this race and the released titles are more exciting than you do. As the doctor explained in one episode: with his hundreds of years lifetime he has seen anything and the universe doesn't hold any wonder anymore. but through the eyes of his changing companions he still can experience the magic.