Interesting read here. I am a Generalist too. I do enjoy being a generalist, I get to do what I want within reason for about 30-40% of the time I am at work. I am not sure my managers are aware of this, but everything is running smoothly and I don't have much else to do half the time. I have learned a great deal of things over the last few years, vmware, citrix, bits of SQL and oracle, AD, exchange ect, but it is all in a test environment since I build environments for developers and case resolution. Nothing is actually proper production environment.
I have applied for another job paying way more for probably less skills, but I might learn a bit more about networking and it is closer to where I live. I am at the point now when I think I should start to specialist. My career goal is to be an system architect of some sort, but right now in my early 30's I want more money :)