It's one of my favorite features in the game, and most of my playthroughs see at least one generational change, and often two or more. My favorite long-term playthrough is to start with a pure merchant character who basically just accumulates money and levels trade, without getting involved in any factions (and thus staying out of wars), until they can buy fiefs. All that money then goes into establishing a foothold for a new kingdom, and children are raised with more military-minded training so that they can wage war effectively once they're in charge. The next generation then starts their world conquest with a solid power base of happy well-developed cities producing a steady supply of gold, and lots of trained troops - but without any strained relations with other lords.
That said, I also spend an inordinate amount of time micro-managing the clan. Marriages are carefully arranged to forge connections with influential families, but also to ensure the right mix of cultures (since babies inherit mother's culture) for future governors. Family members are rotated (or not) between governor and field duty to min-max the desired skills.