This is going to be a very subjective post, but with a topic like this, what can you do?
Short answer: yes, older games are generally better.
Clarification: Let's look at the AAA titles of ye olden days: Diablo 2, System Shock 2, C&C (before it went to shit, thanks to EA killing Westwood), Dungeon Keeper 2, Tomb Raider (yes, this was good back in the day, or it might have just really appealed to my 12 year old self for some reason...), Thief, Baldur's Gate, Master of Orion, Civilization, Deus Ex, Warcraft3+TFT, Silent Hill, Half Life, etc.
You may not like some of these, a perfectly valid opinion, but can anybody deny that these are now considered classic games? Some had amazing stories (Warcraft, Deus Ex, Silent Hill), some had horribly addictive gameplay (Diablo, Master of Orion, Civ), some were just hilarious (C&C, Dungeon Keeper), and others just revolutionized their genres (Thief, Deus Ex, Half-Life). Can today's greyish-brown CoD clone brigade claim anything similar? Entertaining multiplayer isn't anything new, Diablo2 showed us how that's done back in 2000! Cathartic shooty-upy? Doom, Serious Sam, etc did it better. Scripted missions to enhance immersion? Half-Life, nothing else needs to be said. Characterization and character interaction? Baldur's Gate, Warcraft, Deus Ex.
There's obviously some nostalgia here, but looking back (and ignoring the often hideous graphics), you'll that the big titles of their time were just more interesting than today's equivalent. Don't get me wrong, I had plenty of fun with Red Dead Redemption, but I'll take Vice City over it any day! Mass Effect? Let's ignore the planet sized plot holes, and it is indeed a good rpg, but it doesn't hold a candle to Deus Ex, another shooty-rpgy hybrid thing.