There is an interesting article on MSNBC that is worth a perusal. The story is about a study of college students with the alarming rise in "narcissism, self-centeredness." This reminds me of the catch phrase of Lake Wobegon "where all the kids are above average."
Personally, I think instead of Generation Y, we should call them Generation Wiggum, as the phenomenon perhaps is best summed up by the Simpsons' character of Ralph Wiggum:
Personally, I don't understand why any one would be shocked at this. This appears to me to be the end game of a variety of things, ranging from radical "I'll have a double mocha cappacino with cinammon bun chaser" individualism to the public school focus on "self esteem" buzz words.
Read it and tell me what you think.