Well, you pretty much always get that "tingling" sensation when experiencing and experimenting with something new, it's the human nature. You become like a kid - overwhelmed, happy, maybe even a bit crazy!

But I can't say, that the industry has lost it's spirit, it has just reached it's limit, both in graphical discoveries and in human capacity (how many people can make a decent playable game these days?)! I know, someone will say, that we haven't reached the graphical discovery limit until we get total realism, but as mentioned earlier, it is all just improvements on a known technology, not a totally new discovery.
What would make me personally get a "tingling" sensation, is a totally open-source gamedev community. Free engine, free models, free scripts etc. and all that on a massive scale - 10 of thousands of people who create games for fun, not money, cooperating and sharing, discussing and helping each other

Now I don't approve of illegal p2p file sharing, but while watching "Steal this movie" part I&II, I actually saw this as the future of sharing - whether the items are ideas, models, scripts.... Because, let's agree, the feeling is gone because nowadays a lot of people pretty much look at the GameDev companies as greedy, money-hungry corporations. By the way, I'm not saying that's a bad thing and that we all feel like this. ^^
Leonardo