I gotta say, I'm pretty surprised that most of the above comments do not address the significance of this event to JW/WT theology.
As Paul Grundy points out on his JWfacts article, "Changes to the Generation Teaching":
"In 1968 [Watchtower publication] said that a person as young as 15 could 'discern' the beginning of the time of the end." That would mean that "this generation" would have to have referred to people born no later than 1899.
Grundy then cited the Awake! magazine which said:
Jesus was obviously speaking about those who were old enough to witness with understanding what took place when the 'last days' began. ... Even if we presume that youngsters 15 years of age would be perceptive enough to realize the import of what happened in 1914, it would still make the youngest of 'this generation' nearly 70 years old today. - Awake! 1968 Oct 8 p.13
Up until November of 1995 the Awake! stated in the masthead of each issue that this system would end "before the generation that saw the events of 1914 passes away."
The fact is clear: with the death of Emma Morano, that generation has passed away. They are all gone, dead. It's over.