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I'd say the start of either the 5th or the 6th generation marked the end of the retro era, whereas the start of the 7th generation marked the start of the modern era. I don't think you can consider the 6th gen quite retro (a lot of games from the 6th gen still look good), and even the 5th gen is debatable (it's clearly different from older generations). As for the modern era, the 7th gen introduced many modern features, most importantly online multiplayer (for consoles), and the 8th generation has largely been more of the same.