I think there are many good things available and at very good prices. 40 years ago, a very nice O Scale loco might cost a few hundred dollars. I couldn't afford it then. Now a similarly nice loco is $1,700 to $2,000. I suspect when you count in inflation, the cost differential isn't much at all.
I think we all tend to glorify the past. it's like Dana Carvey's "Cranky Old man" character on Saturday Night Live: "We had to walk to school up hill both ways in 10 feet of snow. And we liked it!"
I believe we are in a renaissance period for O Scale. (I also happen to believe that the Atlas O Scale turnouts are a pretty good buy. But then again, I've been accused of heresy before...)