So what were the two or three other explanations Freddo? Anybody?
Here it is: http://www.jwfacts.com/watchtower/generation.php
Courtesy of JWFACTS:
1897 - A group of contemporary people
"Other uses of this Greek word (genea) prove that it is not used with the significance of race, but in reference to people living contemporaneously.... In other words, the signs mentioned will occur within a generation - epoch in the close of the age." Studies in the Scriptures Vol 4 pp.602,603
1927 - The anointed
"The irresistible conclusion therefore is that Jesus referred to the new creation [the anointed] when he said: This generation shall not pass until all these things be fulfilled. This then would be a strong indication that some members of the new creation will be on the earth at the time of Armageddon." Watchtower 1927 Feb 15 p.62
1951 - A fixed period of time from 1914 applied to worldly people
"The actual meaning of these words is, beyond question, that which takes a generation in the ordinary sense, as at Mark 8:12 and Acts 13:36, or for those who are living at the given period. So it was on this generation that the accumulated judgments were to fall. (Matt. 23:36) This therefore means that from 1914 a generation shall not pass till all is fulfilled, and amidst a great time of trouble." Watchtower 1951 Jul 1 p.404
1995 - A group of contemporary worldly people
"Jesus was not departing from his established use of the term this generation, which he consistently applied to the contemporary masses with their blind guides who together made up the Jewish nation. ... Jesus refers principally to contemporary people of a certain historical period, with their identifying characteristics." Watchtower 1995 Nov 1 pp.14,20
2008 - The anointed
"As a class, these anointed ones make up the modern-day "generation" of contemporaries that will not pass away "until all these things occur." This suggests that some who are Christ's anointed brothers will still be alive on earth when the foretold great tribulation begins." Watchtower 2008 Feb 15 p.24
2010 - A fixed period from 1914 applied to the anointed
"He evidently meant that the lives of the anointed who were on hand when the sign began to become evident in 1914 would overlap with the lives of other anointed ones who would see the start of the great tribulation." Watchtower 2010 April 15 p.10