"generic for the goods and/or services identified in the application" means a generic term for the product. Thus you can't trademark "car" or "soft drink".
In general, I believe they can trademark not the words themselves, but a specific stylized presentation of the words that aren't readily mistakable-for or easily conflated-with the existing more general usage.
Thus: "Let's Play!" in a specific typeface and color, basically as a logo of some sort, ought to be OK to register as a mark.
Can anyone confirm or deny?