I've noticed a very significant change between my generation and my kids regarding movies. When we were kids, and a scene showed something like a cloud of alien insects devouring an entire sports stadium in less than ten seconds (no titles to spoil anyone's movie plans, sorry), we would be as pumped as if you'd fed us a six-pack of Red Bull drinks and box of caffeine pills. Now kids just look at it with about as much interest as watching someone mow their lawn.
No matter how over the top animators and special effects people try to push things, it's having zero effect on today's kids. They're jaded. They subconciously recognize those as computer graphics and pay it no mind at all.
I think it boils down to the insertion of ever-improved technology into what we see and hear. We didn't have that, so effects like that had an impact on us.
Today, kids just don't put their trust into what they see and hear as much as we used to. Maybe that's good. Mabye not. Just an observation.