D&C 84

 The Lord prophesied concerning the building of Zion and a temple that - 

"...the city New Jerusalem shall be built by the gathering of the saints, beginning at this place, even the place of the temple, which temple shall be reared in this generation.

5 For verily this generation shall not all pass away until an house shall be built unto the Lord, and a cloud shall rest upon it, which cloud shall be even the glory of the Lord, which shall fill the house."  (Doctrine and Covenants 84:4–5)

Obviously, it is apparent that this hasn't happened yet.  Many have declared that Joseph Smith can't be a prophet. There are many definitions of "generation" being that it's root is generate.  One being one development or design following a previous one.  How the Lord defines generation will be left to Him.

My personal opinion is generation maybe synonymous with dispensation.  There is no question in my mind that the restoration of the Church with doctrine is still in the generation of dispensation.