In the end, its just misleading because you can attribute so many things to "generation X" yet not be right.
Like if we ignored the title "Generation X" and simply said all people in their 50s, 40s and late 30s are the same and have similar attributes, there will exist a proportion of people who disagree.
Some of us grew up watching the same shows, some didn't watch TV at all. Some are lazy, and some have a stronger work ethic than any other generation. So I agree that it's rather useless.