>its kind of interesting to me how over time DC has continued to create "The next generation of heroes," so many times over the years and presumably will continue to do so, and yet the torch will never truly be passed to any of them.
For a while, it was.
I mean, evidently the old heroes passed the torch when their titles fell out of favour in the 50's-70's and the new Flash and Green Lantern were created. Right now they don't exist (except in alternate worlds and such), but they may be coming back with the whole Rebirth thing. The real passing of the torch happened when in Crisis, Barry died and Wally became the real Flash, and stayed that way for decades. In Zero Hour, Hal became evil, and Kyle was the real Green Lantern for over a decade as well.
For a while, for longer or more significantly than the usual storylines where someone else takes the mantle (like Artemis WW or Azrael Batman), things like Dick becoming Batman or Bart becoming the Flash also happened.
To this day, the Blue Beetle mantle remains passed, and has never returned to either Dan or Ted, even though the stories have gotten retconned in different ways.
However, as silver age readers became writers, it was inevitable that Barry and Hal (and many others) would return to their mantles. Fortunately, Batman, Flash and GL can sidestep the issue by forming families of heroes, or the GL Corps.
You know what I found was a very interest concept that went nowhere?
In Infinite Crisis, they revealed that the various generations were caused by worlds being combined during the original Crisis.
Like the Golden Age heroes being from one world, all the heroes from Kyle Rayner's generation would have been from another, including rather obscure people like Breach, being the alternate version of Captain Atom, for example.