In their scheme the Millenials or Gen Y were supposed to be another "heroic" generation like the GI or Greatest Generation that came into their own after WWII. Well, it looks like that didn't happen. There's a precedent for that in Strauss's and Howe's scheme, though. The Progressive Generation that followed the Gilded Generation also failed to fulfill their heroic potential according to S&H.
I agree — I think the Millenials will skip over the Heroic behavior and fulfill the role of an Artistic generation.
It would have, if the society had taught them the worth of American ideals, and then provided an opportunity to sacrifice for them. Our society failed at the former, and has sneered at those who have volunteered for the latter.