It's the airport experience that hurts, what makes it even worse is the inconsistency with security depending on where you fly from.
For a short trip to, say, Paris give me the train any day.
I don't find much difference between carriers in economy, for example I have recently flown with Iberia and Qantas short haul and they were no better or worse than Easyjet or Virgin Blue, ok for a short hop but pretty terminal for anything over three hours.
I would doubt that the "good old days" could match today's business or first class product in terms of comfort or amenities though, we all look back with rose tinted glasses but honestly a 777 beats a DC-4 anyday!