I was born in mid-82. The biggest difference between my first 8 years of life and the decade before and after seems to be that the best tv-show are from the 80s (MacGuyver, Magnum P.I., Chip and Dale, the Cosby Show...), while having the worst fashion decisions (leg-warmers, hair, jackets... anyone else ashamed of the 80s fashion sense?). Over all, music has ups and downs; for every good song that can still be called a hit there are 5 really terrible songs, but that's true for any decade.
But we're really all here to discuss video games, right? The 80s gave us Mario (including Mario 3) and Zelda, but the 90s gave us both Mario 64 and Ocarina of Time. The nineties also saw the rise and fall of Sega, and ultimately ended with the same big three consoles that we have today. Good or bad? Not my call.
To answer the question, though, yes: I feel old around my friends who don't remember some of the awesome things from the 80s, and sometimes I'm embarrassed by their reactions.