It's lost the big hype that it used to have, particularly surrounding game reveals and events like E3. I blame a lot of that on just not giving a shit about the console wars any more. Once you can afford everything, who cares about that?
A lot of my favorite game series and developers are either dead or have been wrecked beyond recognition. But there is always fresh blood coming into the industry and new games to try, so i've not fallen out of love with gaming at all. Sometimes you just need to get out of your comfort zone. We get not only about the same amount of new good games coming out every year, but the backlog / favorites pile is forever growing.
We're seeing constantly evolving technology too. Not only the obvious advancements in terms of power and visuals, but also in preserving the past. Emulation just gets better and better, and is supported by more devices than ever. I have my whole SNES library on like five different devices now. And we even have FPGA devices that now offer us identical clones to the original consoles, except more comfortable and convenient to use.
Speaking of convenience, that is the real breakthrough this gen. Things like Game Pass are a complete no-brainer. People in the N64 days, paying out the ass for one game cart, would think you were insane if you said you could play literally 100s of top games for an entire year, for not much more money.