Right now. This era right here. And next year I'll say the same. As I will in 10 years time. It's all well and good to look back nostalgically and moan about the state of the games coming out today but I think it's wrong to do that. There were always crap games way back when, just like there are today - and there are still gems (whatever your personal taste in games tells you to call a "gem").
The difference between the gems of today and the ones of eras past is that today's games look better, are more sophisticated, come in widescreen/surround stereo, have speech and music like any film or high quality production and are that much bigger and more detailed. I'll give a few examples to make my point:
Compare Way of the exploding fist or Barbarian to the latest Tekken or Streetfighter game.
Compare Tomb Raider 1 to Tomb Raider Anniversary.
Compare Doom or Quake to FEAR, or Stalker
Compare Outrun to Burnout Paradise
Compare Elite to X3 reunion
Compare Driller or Total eclipse to a modern Metroid game
Compare Gauntlet or Smash TV to Shadowgrounds
They were all great games for their time, and I loved them and am not taking anything away from them when I say this, but now there are bigger, better, more modern versions of all of them, and playing the old games now after playing their modern incarnations just spoils the nostalgia and makes you realise how dated they are.