Hit and miss, I hire students where I work. In the past year, we hired four, two outstanding, one so-so, one bad. That's probably like any generation. I'm also over 40 and would say our generation had more than its share of slackers, goof-offs, and morons.
I'm actually fairly impressed with the younger generation. I'll never get tatoos or rap music, so be it. But overall they seem to be solid. Some do have a sense of entitlement, but I can tell you I know plenty of people my age and back in the day who had that same attitude.
Each generation has a "these kids these days" attitude, that their generation was some how superior. Not really, there are goofballs in each generation, though I'd say the pre-TV generation (depression era through 50's) probably worked it harder than my generation and the ones following. They had to: technology wasn't refined.