I don't consider Ovechkin or Crosby generational talents, and therefore I don't consider Malkin one.
For me its the guys who transcend the game, and play in another level of talent above the superstars. Gretzky Howe, Orr, and forever change how the game of hockey is played.
(Yes, just those 3).
Then there's 'best player for a time': which would include guys like Jagr, Hasek, Roy, Rocket Richard, Gordie Howe, Jean Beliveau, etc.
Then a tier below, are guys that Can occasionally win hardware from year to year, but don't necessarily have it wrapped up at the first game of the season like the previous group did.
Forsberg, Sakic, Yzerman, Crosby, Ovechkin, Malkin, Ray Bourque, Nick Lidstrom, Brodeur, Messier etc.
And Crosby might theoretically be the best player of this generation, but neither the stats, or the hardware show it. His lead as 'best player of this generation' is so razor-thin at best, it's not what anyone can consider dominant.