Can't resist biting on this. It's a good point that player for player the 'golden generation' was definitely mostly superior. But you also have to take into consideration squad depth. The 'golden generation' should have done better with better management but was also let down in attack. Rooney was often injured or out of form for tournaments and Owen was generally in decline from about 2004 onwards. That left us with Heskey and Defoe as back ups. Across the forward line now England can pick from Kane, Sterling, Sancho, Rashford, Abraham, CHO and Ox if need be. That is definitely extremely impressive in terms of depth and bears no comparison to recent England squads from last decade and a half.
Gerrard and Lampard were both exceptional players in their own right but very similar in function and required the players alongside that allowed them to shine ie. Alonso, Makelele, Essien. Also famously didn't work well together and somehow ended up shunting Paul Scholes, arguably the best player, onto the left. How one of the first two wasn't dropped for Carrick, based on the latter's ability to bring out the best in players alongside, is something that irked me greatly which I will never understand. He should have been first name on the team-sheet for this reason alone.
However to return to comparison, and somewhat echoing
@Raees point that some of our midfielders are more fluid and technically minded than Gerrard and Lampard (who were great PL players) but players like Ox, Mount, Winks, Maddison (and Foden coming through) while less likely to score a 30 yard screamer (mind you maddison on freekicks), are very fluid on the ball, comfortable dribbling in tight spaces, keeping the ball with triangular passing for extended periods. This makes for much more control of the midfield than the gung-ho heroics of Lampard and Gerrard. Gerrard was often an absolute liability in tournaments for this kind of approach when it wasn't going to plan.
CDM and CM is the area I'm worried about as while Henderson is great for Liverpool in the way they play, if you put him in the City team (which I think has more in common stylistically with how England want to play, I think he's not quite good enough technically to flourish here (though I think he's actually technically underrated). I'm also not that impressed with Rice and think he's overrated, though he is probably the best 'destroyer' option. Winks should be first choice right now with a 'destroyer' alongside him, but this is an area sorely lacking in depth.
In terms of FBs, as
@Schmeichel's Cartwheel pointed out yesterday, in terms of RB the depth is astonishing with Walker, Trippier (back to form and starting for Atleti), TAA who is like the second coming of Beckham, wall bissaka and Reece James, who I think is likely to top the lot as the most complete RB. LB, Chilwell is excellent but not on Ashley Cole's level, who was arguably the best player in many of the England teams. Shaw can be excellent, if rumours are true that he is indeed still alive. If Henderson can continue great form he will be a step up on Pickford.
CBs there is no comparison to Rio, Terry, King, Carragher. Maguire is a good intelligent player but he can be a bit clumsy with the ball and is not quick. Stones is and unfortunately likely always will be a liability. However I would say Tomori is well on his way to reaching a Rio level. And our own Tuanzebe also has the potential to be outstanding.
The glaring weakness in current England setup is CM/CDM, although Winks functionally provides a lot, there is not really another player like him close in ability. What we would give for a Carrick in this squad now.
Overall though I think this England squad is underrated. This is the most promising England team in ages based upon having the components to control games and create multitudinous chances. Something that was actually sorely lacking from the 'golden generation' and hence we only really looked like we were going to win something in 2004 when White Pele was on absolute fire. Opponents in qualifying have been bad, but we are scoring for fun against pretty much all of them. Putting 7 past Montenegro is not as easy as it looked.
Moreover the team spirit in the England camp is excellent and shouldn't be overlooked as a factor. A lot of these players grew up playing together in various club and international systems and it shows. It is a massive component to any team and a good indicator of how things are going to go when the chips are down. Something which absolutely crippled the 'golden generation'.
So, based on our ability to create chances, control games and score goals, I would say we have by far best opportunity since 2004 to go far in a tournament and even win one. The 'Golden Generation' never really convinced as a team and I remember sitting through dozens of performances that can only be described as pathetic. While being tight at the back with a WC defence, we looked creatively insipid, this was multiplied by risk averse and frankly dumb management. The current England team is much better, with so many components that can be easily replaced if injury or poor form strikes.