I've seen the term "Millennials" seeming to catch on too, Kevin. Usually, it's written with a lower-case initial m though.
Here's a way to sum up recent generations and subgenerations from Silents through Millies.
First wave Silent
"Civilized Conformists"
Include the frustrated Mrs. Robinsons, the Hugh Hefners, the sad and slightly sleazy suburban cocktail party circuit, the corporate wives, the "dirty old men" Austin Powers types of the Awakening. They are probably the most financially well-off Americans overall and are in remarkably good health.
Last wave Silents
"Subversive Radicals"
Many were beatniks and some of the youngest were hippies or instigators of Boomer rebellion (Abbie Hoffman, The Weathermen); they have aged into peaceful academically-minded oldsters who are still happily ensconced in careers in academia or government, or showering attention on their Millie and New Silent grandchildren (to make up for what they did to their own Xer offspring).
First wave Boomers
"Agitators and Pundits"
"Optimistic Idealists"
Need I say more?
They can be either liberal or conservative, but whatever they are, they are RIGHT!
Last wave Boomers (Gen Jones, "Baby Busters" as per Anthony '58)
"Pessimistic Idealists"
Enough here has been said about them on this thread! Basically, they're a sort of Boomer-Xer hybrid (with quirks and traits of their own) and are VERY confused.
First wave Xers (sometimes Gen Jones, sometimes Boomers if you buy the 1948-1964 demographic birthyears, which I don't)
"Pessimistic Realists"
"Sensible and Settled"
Comfortably settled into domestic and family life far more than Boomers, they are aging gracefully and gratefully, but are still pretty "cool" just the same.
Last wave Xers (Gen Y)
"Death-defying Adventurers"
"Optimistic Realists"
Currently seen as "cool" by the media. Not all are into Xtreme sports or raves, but most are still taking risks in diccovering themselves. (then again, doesn't everyone do that?)
Millennials
"Anarchists and Team-players"
Millennials , at least first wavers, seem to be about evenly split into two camps--the S&H style group-oriented Boy and Girl Scouts and the rebellious anarchist types that seem like a cleaned-up version of hippie Boomers in the Awakening (albeit emplying more cooperation and team effort within their radical agenda). Some of this type dress more like Xers, but act like Boomers.