This era isn't perfect but it's not that bad either. It's definitely better than the New Generation, that's for sure. The New Generation of 1993-1997 (though the term was only coined in 1994 right after Wrestlemania 10) had some of the worst gimmicks and story lines in history. And Diesel as world champion for a year.
The PG era has at least had plenty of good feuds that are worth mentioning - Cena/Orton, Orton/HHH, Jericho/Michaels, Cena/Punk, Rock/Punk, Batista/Cena, Michaels/Undertaker (which saw the end of HBK's career), Hardy/Punk, Michaels/JBL, DX/Legacy, etc. - and other moments and occurrences that are worth noting as well. The Shield's entrance into the company? Daniel Bryan coming and getting over as a superstar? Nexus at least started off good, even though the end product was a misfire. The Rock's return, which wasn't as good as some had hoped but many of us still got something out of it and it was certainly good for business for WWE. CM Punk becoming a long term main eventer was a great thing for Punk fans to witness, and don't forget that the Straight Edge Society was awesome, at least to me it was. Legacy was a pretty decent group, and I loved seeing Rhodes and Dibiase defeat HHH and Michaels cleanly in the I Quit Tag Team match at Breaking Point 2009. And then there's Mark Henry winning a world title at long last, for those who are fans of Henry.
I could go on but you get the point. In the long run, when you look back on this era, there will still be plenty of stand out moments that are worth remembering.