Agree with David Morse at AdAge Blogs regarding variation in Latino identity over time. While different in many respects, there are cultural factors that bind Latinos together:
Central to that culture is a belief in hard work, the valuation of the Spanish language and at the top of the list, love of family. The art of developing targeted messages for Hispanics will evolve as the demographics of the population change. But it will take a lot more than three generations for marketing communications evoking these traditional Hispanic cultural pillars to lose their power.
Key point here is developing the key strategies – a moving target really since generational differences are not the same across Latino culture. Interesting stuff.