Yes, there is such a thing as Generation iY. They are a subset of the Millennial Generation that “grew up in the ‘i’ world of internet, iPod, iBook, iPhone, iChat, iMovie, iPad, and iTunes – think the world is about ‘I'”
This population can be described as a Jekyll-and-Hyde generation because of all its paradoxes: sheltered but feeling pressured; self-absorbed yet generous; social yet isolated by technology; ambitious yet anxious; adventuresome yet protected; diverse yet harmonious; visionary yet vacillating; and high achievement yet high maintenance.
This has several implications for the church today, the least of which is how to reach out to the iYers and still be the church.
This is something that larger church bodies are discussing. In the Northwest Washington Synod of the ELCA, we have begun having Youth Summits to address the issues that have been cropping up in youth ministry in the first decade of the twenty-first century.