I think this Gen is the first gen that people are not really excited about! You have one console that does not offer any significant improvement over current consoles in terms of power. And you have two consoles who offer some improvement but do not deliver in terms of gameplay.
To me the industry has slowed down a lot since the heady days of the Megadrive and SNES. The jumps in console hardware and software were far more than today's gen.
Atari 2600 - NES/Master System - Simple block graphics to sprites and the ability to have larger scale games, adventure games, platformers etc. that no longer relied on simple repetitions of previous levels in different colours
NES/Master - SNES/ Megadrive - Huge improvement in power and game size, suddenly truely epic games started being made, that actually looked pretty good too.
SNES/Megadrive - PSOne/N64 - The 3D revolution and gaming on a format that offered huge data space. Suddenly, new genres were invented or properly realised, true physics based racing games, 3rd Person Adventure games, FPS.
DC - Travesty of justice! Demonstration of what happens when you sit in between gens!
PSOne/N64 - PS2/GC/X-Box - Again an increase in power, but not exceeding the previous gens, releases begin to stale. The only platform that offers truely inventive gaming performs the worst (GC). The tried and tested mass appeal formulas let the PS2 thrive, despite it being the middle of the road machine. Online gaming actually established itself in the form of the X-box.
PS2/GC/X-Box - PS3/Wii/X-Box360 - Increase in power is no longer exponential, PS2 games produced today can still look impressive. Games being released on the two main systems PS3 and X-Box360 both stick to mass appeal (so far). The Wii gets an amazing start as it takes the pre-cursor of the GC and finally goes all out for a reinvention and ignores power as a selling point.
Was this gen too soon?
No, it came at the right time.
Does this gen actually deliver?
No, it simply cannot match the gameplay and power jumps that the previous gens offered. It will be an interesting 24 months. It may even be that games companies reconsider their position on future gens, I think the industry has peaked, it is now mass market and how it deals with that will determine the timescales for the next gen.
On a personal note, I don't yet own any new gen macines and predominantly play PC and PS2 games. I am looking at buying a PS3 though

I would love a Wii, but until it has enough 3rd Party Support I am loath to get it as I am bored of the formulaic in house Nintendo games. 360 does not offer anything over the PC at the moment, and I would rather fiddle around with driver issues

lol