The latest thing in our generation? (4)
I believe the answer is:
rage
'the latest thing' is the definition.
(all the rage - something fashionable)
'our generation?' is the wordplay.
'our' becomes 'r' (I am not sure about this - if you are sure you should believe this answer much more).
'generation?' becomes 'age' (I've seen this in another clue).
'r'+'age'='RAGE'
'in' acts as a link.
(Other definitions for rage that I've seen before include "Speak with great anger" , "Uncontrolled anger" , "Fit of temper" , "Craze, fad" , "Anger - fashion" .)