I've actually seen 4th gen getting bashed a lot lately.
Once XY come out, 5th gen is the one people will bash and 4th gen will be the new best games ever.
We're predictable as f***.
It's not the same people though.
That's the flaw with all of these supposed "cycles"; it's never the same people.
Actually, that's how the whole system works. I started with Wind Waker and Ruby, so you always have "nostalgia whores", it's just that no one refers to them as this because it's not OoT/Gen 1. I was... say 6 or 7 when I played these games. I'm 16 now, able to use this site according to the rules. So by the time I was able to create an account my first gen would happen to line up with the current gen, considering 1 gen/5 years = 2 gens difference between my original gen and current gen. You get a swarm of "nostalgia whores" who eventually die off the boards with uni/college. Then, the lurkers who are 11/12 years old will say it's overrated and will love DPPt because it was their gen.
This is definitely a part of all cycles except for the Nintendo Cycle, which is just spurred by foolish assumptions.
However, I believe there is a group of people who are influenced through different phases of the cycle. Look at Zelda. Nintendo LOVEs to hype up new Zelda games, so when a new game isn't the greatest thing since sliced bread, people are disappointed. But when people later play, they realize that they had really high expectations initially and it wasn't that bad. Then later on nostalgia comes into play, and even further on, people reflect on if it was just nostalgia or a truly great game.
Not changing this sig until we get a new main series Tales game released on a Nintendo console in the US