I was chatting to an FIE today and he is of the opinion that the quality of FI's being produced today is higher than that of the old BCPL days. Where he believes the standard is higher is quality of briefing / debriefing and theoretical knowledge.
I have just begun as an FI with only 50 odd hours instructor in the book but I have always been amazed by what you hear when people say "never become an instructor just for the hours". I think by the nature of what we pilots are none of us would become an FI with the attitude of "it's for the hours alone, don't care how good I am at it". It goes IMHO against the very grain that makes us cut out to be professional pilots.
Having spoken to guys I did FI course with we are all loving every minute of it. Nothing more satisfying then seeing a student struggle with something, then finally get it right, then you ask them to do it one more time and they get it right again. I have taken more satisfaction from that then extra 50 hours in the logbook.