After all, how long is this generation's duration? The Rebbe first spoke these words back in 1951, in his very first Ma'amar, yet here we are 62 years later and not much looks different today from what seemed to be the situation back then. Had a generation passed?
The Rebbe strongly intimated all along, and especially since 1991, that his generation is the generation of Moshiach, King Moshiach, who will usher in the long-awaited Era of Redemption, yet Moshiach and his actions have yet to be seen and felt by all Jews.
Then I came across these words in Yalkut Shimoni, in section 942 (תתקמ"ב), in explanation of זכר ימות עולם
in the Torah-portion Ha'azinu:
UPDATE Dec. 15, 2013:
Had I been well-learned in Gemora, I would have also noted that this phenomenon of Moshiach is expressly mentioned in Sanhedrin 99a:
As it says in Pirkei Avos 5:21, "Explore it and explore it for all is therein contained." "הפך בה והפך בה דכלא בה"