you so realize all of those series existed well before gen7 right? FF7 you know the 7th game in the series is posibly the game people think of most when they think back to the PS1. It is a huge part of its identity. Or SNES, Zelda 3, Mario 4, Donkey Kong(new take IP, but still an existing IP),FF 4-6, yes added some series that continue to thisday (mario kart being a huge one) but majority of the series  that give it, its identity were not even new all the way back in gen 4.

Great games are  what define each gen. Not neccessarily new series.

What's missing is soul. Too much focus on excitement can do that. There's a fine balance achieved when you let a game breathe and expand upon itself rather than jumping the gun too quickly because the developer thinks the player will get bored. Unfortunately everybody seems to be doing just that; even the best developers.

What's missing? A new, made-from-the-ground-up Zelda hasn't released yet for Nintendo's current home console, and Xenoblade Chronicles X isn't out yet.

So far, it lacks an identity. Hopefully that changes this year.

We're missing 3D platformer collectathons. That's what!

It all comes back to this...

The new consoles aren't powerful enough to make a significant difference in gameplay from the previous generation.

... that's the problem.

It's missing more Zelda games. I need them.

To be fair, out of those FFXV will more than likely have it's own identity separate from....well anything.  I don't recall a game that looked and was designed like FFXV:

 A group of friends that seem completely alien to everyone outside their country wearing all black; Riding in a luxurious car along a road with nearby beasts including dinosaur-like creatures and the occasional gas station; A battle system with some hack and slash elements ala KH, but with more attention to weapon placement and the ability to control your party somewhat akin to gambits; Also combos and huge summons.  

Most of those points by themselves are unique.  Combined is even more unheard of and probably always will be.

Personally. There are no innovative titles out there. So far i have seen sequels to some games that were last gen and spiritual successors to others. Don't get me started with the horde of HD Remasters

The PS360 were not some huge rev. The Wii started one, that died about 2/3 through last gen. But as for the PS360 they mostly added graphics. Yes online took off last  gen, but I am not sure it had much to do with the consoles themselves. (Xbox Live was big on the original XBOX)