I find them to be helpful: how to approach people or how to interpret past interactions with folks. It's not cut and dry for EVERYONE but it does provide me a guide of how to interact, communicate and handle work related situations.
Now do I agree with all the OPINIONS of generational stereotypes? No. As a GEN Y I wholly think that my experiences differ me from many of whom I share this generation with.
I think in the end, we all want the same thing but we take different routes to accomplish our goals. Who wouldn't want a flexible schedule? a say in the direction/strategy of their company? a choice? Seems pretty generic to me...