So, I entered the contest, did anyone else? Barely managed it at 1:49.65. :P
Man oh man, this game is indeed awesome. Modern Sonic is much more perfected than he was in Colors and the level design for Classic Sonic rivals Donkey Kong Country: Returns for me. I'm lovin' it!
My favourite level for Classic Sonic is Speed Highway and my favourite level for Modern Sonic is Rooftop Run... I mean, wow. I loved Rooftop Run in Unleashed but its vastly improved in this game, even if 50% of it shares similar layouts. And Speed Highway is insane; I swear I haven't explored the whole level yet in my 10+ playthroughs of it!
And the music is definitely awesome... I'd consider it one of the greatest OSTs in video game history.
And the boss battles... I NEVER considered boss battles anything special in Sonic games... more often then not, I consider them a chore. But this game's boss battles are so well designed... they're so fun! I especially love Perfect Chaos' and Metal Sonic's fights. They're just great!
Anyway, all in all it's an amazing game... but I do not think it beats out Colors for me. Sonic 1? Yes. Sonic 2? Yes. Sonic 3 & Knuckles? No. Not even Sonic Colors is better than that game for me... S3&K I'd consider to be perfect platforming at its absolute finest. But yes, Sonic Colors... I like Colors a tiny bit more because Colors was not only an original game but the amount of style and atmosphere it had... even though its only a year old, it fills me with tons of nostalgia. And the music... I do not dislike a single song in that game. The music is absolutely phenomenal in that game. It seriously affects me emotionally listening to the music in Sonic Colors.
But yeah. Sonic Generations is an amazing game. I honestly cannot wait to see what Sonic Team has in store next year for Sonic!