I am not judging the new generation as some entirety yet, as we're just at the start, but I do think this console generation is the smallest leap for between generations. Yes, the consoles are stronger and games look better, trust me I don't think otherwise. But I think it's missing any sort of major technical leaps or innovative leaps.
It has technical leaps and innovative leaps obviously, but less so than previous console generation jumps. The 2D graphical leap from NES/Atari to SNES/Genesis was pretty significant, and then jumping into 3D with 64/Saturn/PS1 was a huge innovative leap that also changed how games looked. Then graphically, the Dreamcast/Gamecube/Xbox/PS2 was a huge leap over the previous gen. And then, the graphically leap, while maybe not quite as huge, still was pretty big going into 360/PS3/Wii era, plus there was the innovation of especially online gaming becoming a more established and realized thing, or love them or hate them even things like achievements/trophies, and digital download games.
That's also ignoring the fact that between consoles, the early games even showed huge innovative difference. Donkey Kong and Super Mario Bros were really different from what sort of games previously existed. The likes of Altered Beast, F-Zero, Super Mario World, etc., were very different or felt like major leaps from the NES. Things like Super Mario 64, Virtua Fighter, or Ridge Racer were mind-blowing at the time to be played at home. Sonic Adventure, Soul Caliber, TimeSplitters, Luigi's Mansion, Pikmin, Super Monkey Ball, and the like also felt pretty big. And then all the FPS and sports games that greeted us at the start of last generation.
I think the problem with this generation, at least early on, is that it doesn't really feel like a leap or a bound. It looks prettier, don't get me wrong, it was needed as last generation did last the longest and technology needed updating, but this feels more like updating out of necessity to keep technology up to date right rather than any huge overhaul of games, features, or the like. It feels like an extension of last generation, a prettier extension with some new features sure, but nowhere near the levels of previous generations. Some game changer could come in, and I'm not saying it's exactly the same, but it's a lot less exciting than previous console generation changes, it sort of feels like we only took a step forward as opposed to a leap or a bound.