No, gaming hasn't evolved nearly as much the last 15 years as it did the 15 years before that. As a matter of fact, it evolved more the 5 years before Xbox 360 launch than it has since...
IMO anything 5th generation or below is retro, that includes PS1, Saturn and N64, due to their rough polygons. I don't consider PS2, Xbox or Gamecube or even Dreamcast retro, since their graphics still hold up by modern standards.
It will eventually be looked upon as the ugly, awkward phase of the industry growing with the least amount of retro interest and desire to revisit games from that era of any other IMO.