Yeah, this gen has been really long. I've been playing since NES and most gens have been like 3-4 years. The economy still isn't that great, but also the new consoles are pretty expensive, don't have games that anyone cares that much about, or have features that make them uneasy (kinect and NSA spying).
Nah not at all. This generation started off slow and gained momentum in 2007 that carried itself all the way till now with some decent third party titles here and there. Also with the 8th gen released, it needs about a year or so to put it's unique titles.
No, I would say that it is just right...and that the next-gen (XB one & PS4) is appearing right on time.
Although I plan on waiting roughly a year before I buy any next-gen hardware. And I refuse to buy an XB one at all, as long as Microsoft is forcing kinect and also the required On-line patches. If I can't play out of the box without having to go On-line, then I will pass.