I think a better term would be that we are a "self-medicating" generation than a party generation. A party generation would be the roaring 20's in U.S. history. We have much more access to a metaphoric drug store that we can use to poorly address our everyday stress and anxiety that includes literal pharmacological agents, food, media of all sorts, vacations, sex, etc. The only difference I say is the access we have and the liberal morals to allow for them.
I like the approach of viewing this generation "self-medicating". But then again, the hippies were pretty self-medicating too. I would say we're up there with the 60s and 20s though, also in a new form. It might not be that everyone, especially not forumdwellers (not intended to offend anyone, but it is a pretty obvious fact that a lot of frequent internet-users are less sociable in "real life") goes out partying everyday, but the possibility is there. If I wanted to, I could go to a club every day of the week. Even for the bourgeoisie it can't have been possible to party everyday.
I think the gaming trend is an interesting addition to "party", too, albeit in a different form. It may not be dancing and booze but certainly entails "long live the fun"; all of the reallife gaming experiences that are popping up everywhere, the prevelance of gaming celebrities, the very existence of Nordic Larping (look it up, it's hillarious) just shows, to me, that there's a great hunkering for relaxation and distraction of any form.
As for moral liberties, while I'm glad that it's socially acceptable to do a lot more things (talking sexually, mostly) we haven't quite reached the state of the old Greeks and Romans. They had a blast in those bathhouses.