I've conducted several training sessions on Generational Differences. There are some differences in what motivates the different generations, though I think there's more similarity than differences.
I think we'd all like to have more fun, autonomy, flexibility and meaningful work. I doubt that is unique characteristic of Millenials (despite ASTD pres. Tony Bingham's claim that it is unique to Millenials).
Certainly one of the key difference with Millenials are that they are Digital Natives- they grew up using a computer and other digital technologies such as the Web, computer games, iPods.
Another key difference is how they communicate with each other and how quick Millenials think information and decisions Should happen. They expect it immediately and whenever they look for it.
My question is this- Is some of the difference of Millenials vs. other generations not due to where they are in their life stage? Think about it, when you are a teen ager or college student you just have a lot more time, whether it's sitting listening to LPs or radio like the days of yore (60's-70's) or listening to an iPod or surfing the web, you still are more free time (and you are probably living with parents or having parents mostly paying your bills).
Will the Millenials be different after they have kids, own a house, are involved in greater responsibility at work? Think how many working moms today barely have time to exercise or cook meals let alone spend time surfing the web.
Yes the Web is here to stay and we need to learn how to adapt to the technologies that are rapidly developing. But are the Millenials going to be blogging and texting so much as they get older?
That's an empirical question.