I see a lot of hard working 20-somethings. They do like praise, but who the heck doesn't like to be told they are doing a good job. I love being around this up and coming generation. They are bringing passion and enthusiasm into the workplace and that is a very good thing.
It is true they may do a bit of job hopping to find the right job and those of us on the hiring end will have to adjust to that trend. I prefer to look at the short term pain of people leaving a little more often as an opportunity to continually freshen the organization.
The challenge of keeping great people of any age remains the same. Create an environment that is challenging and fun; work that is purposeful and inspiring; and, treat people fairly and with respect.