1) The loss of God probably plays a large role here. Faith provides a meta-narrative that gives the humdrum of life context and a story arc. Without that you just have a random collection of sensations without meaning.
2) We can't look at the last 30 years as normative. Pop culture (eg MTV) has dramatically increased the amount of drama we feel like we need. My Generation Y has an increasing emphasis on disconnected experiences -- and we have a whole new set of cultural artifacts to show for it -- Seinfeld, Improv Everywhere, Garden State, Juno, etc.