In my opinion....
Respect for elders doesnt need any parameters.....they deserve it by just being our parents..no demanding or commanding business.
Changing times doesnt mean defying elders ..the way we dont stop eating or sleeping, we dont stop respecting them.
Everything is subjective..in our times we were way ahead of our parents and, today our children are and tomorrow their children will be, but values remain the same.
Our culture is not materialistic, it is spiritual and has lot many advantages,so discarding it for the sake of luxurious life may not be good for our future..so think about it...looking after self first is not our culture, we are made better than that, so why go for baser instincts?
I also believe that only a happy person can give happiness to others, but that doesnt mean that we must drive our happiness through..tamogun...happiness that comes after satogun is the real one only..everything else is momentary.
Atleast one relationship..thats parents should be left alone, and parents should never be judged on any parameters, right or wrong..we dont have any right to do that....utna karja unka banta ha ham par.
Last but not the least..whether parents should respect the children or not..its a different topic and a separate post can be done,it cant be discussed here in short