These are interesting thoughts. Being a bit of a geek, this kind of conversation makes me think of the overall changes that have occurred in Western culture in recent years. As far as I can see, we Gen Y-ers (and I think Gen Why-ers nails me) are the first generation to grow up entirely under the widespread existence of postmodernism. Countercultural things like the hippie, punk rock, goth, etc. movements in the 1960s, 70s, and 80s marked the emergence of postmodernism and anti-modernism from the halls of university English departments, but it has taken a while for it to get into the minds of people in general.
In light of that, what if many of these things we are seeing are a cultural shift, rather than a generational shift?
Just to look at the list of characteristics in the post, what if we need constant praise because we have grown up under the idea that everything is relative, and what is good work for one employer, or on a given day, may not be good for another, or on another day?
What if we are disrespectful because we have been given a framework of thinking that legitimized itself by questioning and dismantling every form of authority with which it was presented?
What if we feel entitled because we have been given thoughts of creating our own realities?
What if we have no sense of loyalty because the senses of loyalty that postmodernism reacted to were responsible for horrible things from slavery to wars to genocides?
I suppose knowing what we want and knowing how to get it has passed me by... I spend too much time asking rhetorical philosophical questions.
And what if we value social responsibility because we fear being responsible for continuing the same horrors of previous generations, or paving new roads of failure?
Just saying. I don't necessarily have an answer for any of those questions, but I think they are valid ones to ask, especially in light of the fact that the generations that come after us will inherit the same cultural framework that we have.