In some ways I agree with Girlysprite, that older gamers do think the new audience cares too much about graphics. The simple truth, however, is that times have shifted a bit.
Back in the day, graphics were poor, which meant you had to do crazy outlandish things for characters to be recognized. This made most characters look cartoonish in the end. However, if you look at a lot of Western PC titles, plenty of them tried to look realistic. Look at some of the console titles from the West, even. Jurassic Park on the SNES and Genesis tried to go for a realistic look.
Now, however, graphics are better, so a lot of developers are going to want to make some serious, realistic looking games. Also, when we were growing up, not only were there fewer companies, but a lot of them purely existed for cash. Now I know people want to cry out on EA, but honestly, a lot of developers grew up gaming, and they want to make ideas influenced by multiple forms of media.
xbeaker, you referenced finding out Samus was a girl as a big memory. I agree, it's a major moment in gaming. Honestly, though, I see myself uttering "would you kindly" from Bioshock years from now, as that produced a pretty big moment for me when I first saw it. Can you say the death of Aeris in FF7 didn't make an equally huge impact? Games today are still bringing out a lot of amazing moments, but as you get older the glitter wears off. A lot of the feelings you get are simply nostalgia factor.
My niece is two years old, and I'm trying to get her to play games already. Thus far, her skills are pressing a button and steering one direction in Mario Kart: Double Dash and pressing a single button and occasionally strumming on Guitar Hero. Which she loves, by the way. If I bring Guitar Hero home from College, it's guaranteed that eventually she'll start bugging me calling for "guitar!". Is she going to know about the games I played? Maybe, but unlikely. She's going to grow up with a totally different style of games. But you know what? She's not growing up with the same television or film, either. Unless I have her watch the older stuff, she's going to see the new. In the same vein, while she's young I'm sure I can get her to enjoy the older games as well. However, that's just because I'm a hardcore gamer looking to influence that.
In the end, kids today will have their own memories, but times have changed what they are. The only thing I feel bad about is the most "imaginative" game we've gotten in a while is Katamari Damacy, which just pales in comparison to a game like EarthBound. However, I can't say I disapprove of my niece growing up with Viva Pinata, Harvest Moon and Kameo, either.