Ok, this topic has been brought up so many times and the information is almost always wrong. I am not an evolutionary biologist, but I'm studying in a related field (genetics) and know quite a bit about evolution. Evolution is always occurring, and it may in fact be selecting for a bigger penis (sexual selection, not natural selection -- I doubt a bigger penis delivers sperm THAT much better). However, it does NOT happen over the span of two or three generations, as some people here seem to think. Think about the evolution of wolves to dogs. This is an ideal example because it represents mostly artificial selection from humans (choosing only ancient wolves with a mild temperament for breeding). This process took a LONG time. I realize that more genes are being affected from wolf to dog than for penis to bigger penis, but it would still take quite a bit longer than three generations, especially since different areas in the world are so different culturally and because the immigration of people, combined with interracial marriages, would dilute any sexual selection that may have occurred in one area. It's not like in the old days where transportation was restricted -- people can and do go anywhere in the world now. This would delay the process of selection for a bigger penis even further. Plus, the sheer size of the population, even in one country, is so large that unless you're stuck on an island having sex with some closeish relatives, the process of selection for a bigger penis would take even longer (there's no founder effect going on in this case).
In addition, I would be willing to bet my life on the fact that penis size is a complex trait controlled by several genes and the regulation of those genes (and hormone regulation as well). Scientists like to pretend that we know so much about human genetics and constantly cite examples like cystic fibrosis being caused by a mutation in one gene, but the truth is we know crap about human genetics and almost everything is controlled by many genes. Most of our knowledge about complex traits (which include height, build, etc.) is solely from association studies, which aren't very accurate and make it difficult to track genes. Plus, the fact that penis size is a little taboo means that relatively few association studies between penis size and gene expression levels, or genetic mapping experiments (complicated in humans because ethically we can't pick two ideal subjects and get them to mate, so instead it's more association studies and linkage studies) have been done compared to other things. So we don't know much about penis genetics. It is probably decided by contributions from both parents on somatic chromosomes. I doubt it comes specifically from the father because the Y chromosome contains very few genes (however, it is possible that paternal imprinting DOES designate that penis size comes from the father -- but we know almost nothing about imprinting and epigenetics because it's VERY difficult to study). It could also have X-linked contributions, meaning penis size is at least in part inherited from your mother. However, since women have two X chromosome (one from their mother and one from their father), two siblings could have drastically different penis sizes depending on which X chromosome they inherit. This would FURTHER slow down evolution of penis size, because even families with a "big penis gene" (which doesn't exist) may also have a "small penis gene". Plus, there's also the possibility that these "big penis" people are carriers for a small penis.
For proof that penis size is a complex trait, let's assume it isn't and say it is solely designated from the father. All brothers would have the same sized penis (although they may vary slightly because of environmental factors). Anecdotally, this isn't the case. Let's assume it's X-linked and inherited from the mother. All brothers would be one of two possible sizes (again with environmental impacts). Anecdotally, there have been many people saying that a family with three brothers has a small, medium and large size (bad wording, but look up the millions of threads on this forum about brothers and you'll see my point).
I hope you understand what I'm getting at. Penis size is genetically very complex, and evolution does not occur over three generations within a population of the size of the world (or even just the US, since many people on this board are from there). If penis sizes are getting bigger it is solely due to environmental changes. Likewise with height and age of puberty onset. I doubt penises are getting significantly bigger, but if they are I would say it wouldn't be by much (environmental cues can only affect penis size so much, with the exception of severe malnutrition). Plus, those relating a perceived penis size increase to the confirmed height increase don't realize how different the development of both processes is.
Science is really hard. Please stop trying to explain it in very simple terms with nothing backing up your claims. I hope this lays to rest this huge debate about penis evolution (although the debate on the increase of penis size in younger generations is still valid -- but if this is occurring, I would suspect that the next generation will not have changed much because the environmental factors are probably already about as influential as they get, barring feeding two-year old kids Red Bull everyday).