I'm old and bitter... or this generation isn't all that impressive. Let's recap shall we?
Nes / Master System - We had a huge technical improvement. We went from squares and blips to characters and tunes. Hell, some games even had text!
SNES / Genesis - The pixels actually really ressemble what they are trying to convey, instead or baring a slighty semblance. Games starts to have an story. You can have more than 3 enemies on the screen!
PS1 - We got 3d. Ok, Snes had some 3d too, but this was the truly 3d generation.
PS2 / Xbox - Console gaming discovers the internet, voice acting and high poly models turns commonplace.
PS3 / Xbox360 - We got... even better models... better online. And waggling.
PS4 / XboxOne - Models now have more polygons I can count, online is almost mandatory, and even more motion gaming. Sorry, I'm just not impressed.
Let me talk about games now. Call of Duty Ghosts was released on PC first and it's basically the same (if not better) on PC. Now, you can prefer to play on consoles, and it's fine, but it shows "next gen gaming" is hardly gamebreaking. It's something I can run on my machine right now without fanfare.
So, for me, this generation is more about a mandatory hardware upgrade and less about stepping in a new age of gaming.
To close, internet also made us all a bit cynic. We know about hardware failures, about price cuts, about weak line-up of games on launch. Basically, buying on launch is usually seen like a bad deal.
There is no hurry to jump on the boat yet, unless you really, REALLY want to play Killzone or Ryse.