I definitely believe that identifying generational characteristics are important to highlight and understand. We are all shaped by unique events and societal influences in our developmental years. As age cohorts, these common experiences bond us together and determine our world view.
While every individual is unique and cannot be placed in a box, we are partially the product of personality (nature) and partially the product of culture (nurture)...and it's the latter aspect where generational "stereotypes" come in handy.
Assessment like the Myer-Briggs, Thomas-Kilman Conflict Inventory, the DISC, etc. are all tools to help us interact with one another more effectively. Understanding generational differences serves the same purpose.