1)
What is the significance of 'the last generation'?
1.
Oznayim la'Torah: It refers to the last generation before the Ge'ulah (from Bavel), who were at the lowest level, on the verge of mixing with the Nchrim
2)
How can Hashem punish the whole nation for the sins of an individual (See Pasuk 17)?
1.
Rashi (in Pasuk 28 - citing R. Nechemyah in Sanhedrin, 43b): The Torah writes "Hanistaros la'Hashem Elokeinu, ve'ha'Niglos" ? " to teach us that Hashem punishes the Tzibur only for known sins of others, if they do not eradicate the evil from their midst, but not for sins that others perform in secret. 1
1
Refer also to Devarim 27:15:1:1*** and to 29:28:2:1-6.