From Wikipedia, on Generation Y:

Generation Y in the United States, the children of the “Baby Boomers”, have been carefully parented and groomed toward success, partially due to the guilt of the Baby Boomers over their own rejection of their parents. This overparenting and indulgence, combined with perhaps overly adult and mature relationships with their own parents, has led to them becoming adults with their own hopes and dreams. Sometime they feel they have their life made out for them by the time they are eighteen. Constricted in the most evolved bubble of “teenager-hood” ever, they tend to lead mini-adulthoods while still in high school and facing adolescence. They were raised to expect success and have already had some of it provided for them by their parents and grandparents. Some sociologists predict a backlash against this is coming, although many do not see that trend. For the most part, though, they are far less rebellious on the whole than either Generation X or their parents, the Baby Boomers. They desire to change the world, whether it be for them or for the good of mankind, and often it is somewhere in between, but most of them have very high hopes to change the world and alter it to their making. They like social groups and working together, but usually do not evolve extracurricular families like "Generation X."

They also tend to be very competent with technology and in people skills, although they may or may or not use abilities for good. Few seem to be content to simply lead youthful lives, instead opting for greater things. They have mostly been fairly sheltered, exposed to great amounts of knowledge through a feeding tube. Many of them have become somewhat self-centered, although some would say they are merely appreciative of their skills, and note their tendency to joking self-deprecation. Most cyclical predictions and their desire to change the world, along with their lowered capacity for or interest in rebellion, would predict that they will become the first truly establishment generation, wholly ambitious, since the G.I. Generation. It is possible they will go through guilt over the "War on Terror" and its ambiguities, especially those born in the earlier part who fought in it, and the current strength of political divisions that they have grown up or are growing up under. The current Generation Y celebrities show the greed for success and for influence, influence more than anything, even more than money, that consumes this generation. However, on the other hand, they are more conservative and establishment than the last two generations, and do not rebel against authority, but work with it. They will undoubtedly have great influence on all areas of American life. Most examples of Generation Y are fairly unconservative and unrebellious in practice, which perhaps will make them more successful and influential, putting them into establishment positions.

As much as I've made fun of sociology in the past, I still find it immensely fascinating how the times in which we are born can have such a huge effect on the way we live and think. I am a product of my generation (I mean this in a positive manner).