I'm gonna say the late 1970s would have been a great time to have been a teenager while the 1980s would have been a great time to have been a recent college graduate.
In other words, 1960 would have been a great time to have been born! I was born nearly 9 years too late. Bummer.
The Eighties had a lot of good music that was overlooked at the time-it really was a golden age for alternative music. As for movies, everything became a lot slicker, but there were still plenty of good flicks. Any decade that gave us Die Hard, Fatal Attraction, Ferris Beuller's Day Off, Back To The Future, Rambo Part II, Rocky III,andGhostbusters can't be all bad.
For TV, though, I'd have to say the 90's had better shows than either decade, with the exception of Hill Street Blues and Cheers.
And of course Eighties technology ruled!