I hold vehemently that the SNES is the greatest console of all time in terms of best original software. But the Genesis was a bit weak overall, imo, only having the Sonic and Streets of Rage series in addition to the excellence that is Gunstar Heroes. So overall, it may or may not be the best era.
The N64 and Saturn are my next two favourite consoles, so the "32-bit" era might be the best as well. Then throw in the Playstation for the Final Fantasy games and SOTN, and it makes it a strong generation.
The OP's generation was really good for the action games it invented, such as God of War and Ninja Gaiden. But it really wasn't revolutionary for anything else except Sandbox games which I'm not too into. FPS was really quite weak overall except for Halo and Halo 2, honestly. The current gen refined that gen far better, and I prefer it.
If you're into 2D platformers and 2D RPGs, the SNES era wins. If you're into 3D platformers and 2D/2.5D RPGs, then the PSX era wins. If you're into 3D action and sandbox games, the PS2 era wins. Anything else, and I think the current gen makes a hell of a strong case, especially for FPS. And, you know, motion gaming if you're into that (it makes Killzone 3 fun). Even if you hate motion, this gen has resurrected 2D platformers which is a win.