OAP.
The simplest way I can think of to answer your question is to state that the input standard and output requirement have both changed drastically. It is therefore nigh on impossible to compare the past with the present.
You can read into that what you will. None of us can serve for long enough to state categorically if it is for the best or not. All I can say is that in my personal sphere of influence we are still producing students that meet the output standard.
I'm sure that in 20-30 years time I too will be appalled by the 'yoof of today'. For now I'm willing to give the system a chance.
BV