That's a little harsh, I'd say. Today you can put together a transparent and performant audio setup for far less money than you could 25 years ago, not taking the room into consideration (which is a major factor). So, ironically, while the electronics/solid state, speakers and media have progressed technically, the content to take advantage of this have not.
Not wanting to be or sound harsh, but if I may expand on my short reply.
When you look at aspects such as , dynamic range, today's speakers in general being 92 db or less are dynamically impaired compared to high efficiency horns or high efficiency drivers ( 102db+) The agility in range is mind boggling when hearing these high efficiency systems. And, although the Klipsch of today has higher efficiency they suffer from the "HiFi trend of today". People in general put speakers in their living rooms, need to be WAF and they compete for precious floor space. Somehow, cies managed to focus as much as possible on soundstage and imaging instead of the more important aspects of music. Every topic and every audio show I go to, the number one aspect that comes to the table, Soundstage. This said, bookshelves and narrow baffle towers do indeed image quite well so if that is what matters, then so be it. For me, I enjoy the imaging as a cherry on the cake, not the prime focus.
Narrow baffles, which is almost every cie now, provide a level of transparency but lack weight and presence.
I am just saying out loud my view on today's HIFI.