For me it's got to be the fifth generation.
SEGA, Nintendo, Atari and newcomers; Sony and 3DO all competing for the market.
The birth of 3D polygon gaming giving us amazing games such Mario 64, Resident Evil, Tomb Raider, Final Fantasy VIII and Metal Gear Solid.
Sony with their enormous marketing budget finally takeing games to the mainstream and making PlayStation the first 100 million selling console.
SEGA bringing so many amazing arcade games like Virtua Fighter 2 and Sega Rally to a home console, and being the first to bring online gaming to consoles with NetLink in America and Japan.
Nintendo giving us gems such as Mario 64 and Rare games like Banjo Kazooie.
The generation I played in my early teens and was undoubtedly the most innovative and exciting time to be a gamer, I feel sad that times like this may never come again