Do the newer leds consume less power than those of a couple generation ago - given the same illumination output?
Yes, LEDs of the same design line from the same manufacturer typically do.
But often people want to compare differing product lines and designs such that perhaps a newer SMD LED is compared to an older Cree power emitter and the Cree probably outperforms the SMD due to the design as the SMD may be designed to be very cheap in cost worrying less about efficiency than cost vs the high power emitter needs to worry about efficiency more as the total output is greatly effected by efficiency while the SMD is able to reach the target output range.
Some older crees high power emitter are 120-150 lumens/watt and some newer SMD LEDs are 80-120 lumens/watt output, keep in mind newer crees are over 200 lumens/watt.
At lower lumen outputs all emitters tend to be more efficient than nearing their max output so basically if you choose a low output or high output then you need to consider LEDs that are designed with that lumen output in mind.
In other words raw lumen output generally increases along with overall LED efficiency but LED designs change over generations based upon the criteria for their intended use. As LEDs have pushed beyond the 200 lumens/watt mark the noticeable difference in output at the same lumens for old vs new LEDs is less noticeable these days.