As people usually do, you remember past titles as being much better than they actually were.
Personally, I find games like Neverwinter Nights or Fallout 2 to be vastly inferior to games such as Oblivion and Fallout 3.
The way I see it, RPGs have taken huge leaps forward in every single area; they look, feel, play and sound much much better.
While saying "Hey, more people care about the looks and sound, we can ditch the story!".
Maaaaybe, you need to actually see WHY people view previous Fallouts as better games then Fallout 3. It's not about the mechanics (it can be a factor however...), it's more about the quality of writing. One of the best examples is the crop rotation dialogue vs Three Dawgs "Fight the good fight" dialogue. The first required certain parameters (can't remember if Intelligence was a factor, but I'm pretty sure it was...along with repair or science...it's been a while...), and had something, well, intelligent to say.
The latter, you repeated what was JUST said to you, and Three Dawg is all "WOW! You're really smart!"
If repeating what was said to you is a hallmark of intelligence now, we're in REALLY big trouble, HA!
Myself, my beef with it is two fold. First, the writing and tone of the game misses the mark set by the classic games. Second, the actual game play mechanics (SPECIAL) was dumbed down to the point that it was complete trash. Real time, turn base, first person, third person, isometric, those are not crticial for me (I would prefer an isometric turn based game, but I know I'm in a minority on that, so I'm not going to 'fault' games for that....). Fancy graphics and sounds are nice, and I certainly do like that they've improved a great deal in the last decade or so, but I will not let those be the sole selling point of the game for me. I just can't.
And that's because we've HAD excellent stories in the past. We have HAD excellent character interactions. And we have HAD intellectually engaging worlds to play in. But it feels all that has been pushed to the wayside in search of PROFIT! And the search for PROFIT is what, IMO, lead to the game being dumbed down. Gotta make it accessible after all! Wouldn't want people getting confused now do we?
And that's what makes the whole game feel like a slap in the face. All the great qualities from the classics are thrown out. Leaving us with this....obscene pile of crap, that looks really really nice mind you, but is still a pile of crap.
The biggest problem I see with the "traditional" type of RPGs is the obsession with percentage-based gameplay. All skill goes out the window and it just comes down to a few simple numbers that decide what happens. That's not even gameplay, it's like watching the lottery on your tellie, and about as rewarding, IE not at all.
So table top gaming is not rewarding? Legions of D&D, White Wolf, Call of Cthuthlu (can never spell that right...), and many other pen and paper game players BEG to differ.
The fundamental difference in the gameplay, is that it's your character making those actions. While you control the character, it's THEIR skills that is used to determine the outcome. It was all about consquences, really. If you made poor choices with your character build, you suffered the consquences. Why developers now a days feel the need to shelter players from dreaded consquences is beyond me. I mean, look at Broken Steel. Puppies? Really? So if you fail at keeping your dog alive, you get a new one just like that? Over and over and over again? How about "hey, we've improved his AI so he isn't so stupid, and knows when to run and hide..." instead? Oh, sorry, that would require effort.