The Millennials common Denominator

The Gen X was defined by the movie of Star Wars so Klosterman notes. Now to what will the Millennial generation be defined?   This generation is being labeled in many ways but what has supposedly shaped them like Star Wars did for boys in Gen X? I have searched for days and spoke to many of people and no one can give me an answer, so are they the lost Generation? Do they have no common element other than access to the Internet?
This leads me to believe Social Media has had the biggest impact on the Millennial generation. This generation is narcissistic; they love thy self, with the selfies, the updates on their status, the posts of what they are eating or where they are at.  They don't live to work like other generations, they work to live, to support their habits, sorry hobbies or interests. This generation the Millennials' are healthier, they eat less fast food (McDonald's) than other generations, and they care about the community more.  This generation believe respect goes both ways not just respect your elders.
These ideals are brought forth from changing family structures, Gen-Y is the wanted generation with reliable birth control, parenthood became a choice.  It was no longer unplanned.  These children were chosen, they were very special from day one.  Hardships not imposed these children were the future, they were valuable, talented, and worthy of being from the day they were planned.  Parenting strategies changed from Authoritarian to Authoritative, children had an opinion in their raising and discipline.  With corporal punishment on the outs there was talking and timeouts, spanking is something this generation knows few and far between.  Making this generation feeling worthy and warranted of time and energy.  After all they were rewarded for everything. They were told everything was a good job, and given trophies even if they lost. This is probably why this generation needs a pat on the back more than any other generation prior.
Millennial's had access to Internet earlier than any other generation prior molding and shaping their minds.  The invention of My Space connecting people, then Facebook, Twitter and YouTube the social networks changed it all.  This Generation is closer to their friends and keep in contact with friends they don't see everyday better than any other generation; but they are lacking connection to their next door neighbors. This generation is more likely to post things very personal that other generation would value private, and more likely to fight publicly posting negative nasty comments that would of never before been acceptable. Taking away face to face contact people have a swelling of pride and ego, forgetting once posted it is there for all your friends to see.  This is the first generation to be searched on Google prior to being hired, once anything is sent on the information highway it is there forever, sometimes they forget that.  Social Media changed their awareness, their friendships, and gave them power to change society. This generation is always connected, they enlist supporters, and they make change better and faster than anyone else. Social media has connected this generation, and allowed them to praise themselves, talk about themselves,  post pictures and movies of themselves and their accomplishments, and tell us more than we ever want to know!  What would we ever do without social media?  I'll post it on Facebook then post a video on YouTube of what I would do!