I think some of what you say rings true stormbringer but in my opinion there's a flip side to this which you've missed. I'm going to play devils advocate here so please dont be offended, I'm just throwing out ideas.
Ok, so in short, perhaps the reason you're not pleased with the new scene is because you're still hanging onto the concepts of the old scene which long ago evolved and left you behind, you just haven't evolved with it? I'll address some of your points to try and make what I'm saying clearer. You say that people dont feel the need to get the most out of their machines. Well I dont believe this is true, hardware has always been growing and expanding at this rate, in that respect it's no different now than it was back in the c64 days. Today there's still an upper limit to the technology you can get commercialy, and that people dont always have the most up to date tech at home is no different than it was back then, not everyone upgraded to the more powerful versions of the BBC Micro or Amiga or bought the ram upgrades you could get. The spectrum of possible hardware and configurations is wider now than in the past but there was still a variation then all the same and it didn't stop people from wanting to push the limits and instead just resign to getting better hardware.
What is different is that finding some new low-level hardware programming trick on the old machines could make a large difference since the power of those machines was so limited. Although the increase you got might have only been small, it was a significant percentage of the total available performance. Now however such tricks are mostly just drops in the ocean. Therefore the modern scene evolved and the focus more on algorithmic, artistic, and scientific improvements. The first two should be pretty obvious what I mean, but by scientific I mean advancing current models or developing new ones based on real world science to create more realistic effects such as better lighting models for example. A lot of skill is needed first to understand such things but then also to come up with sensible approximations and optimisations which when combined with hardware knowledge and algorithmic skill allow them to be simulated in realtime. It's true that NVidia as well as the Microsoft graphics research team often make the first steps in these areas, but they aren't dictating to you what you can or cant do with the hardware. This is only the case if you allow yourself to be spoonfed by them and shut of your mind to new possibilities. There's nothing stopping you from going out and creating new models to simulate effects that haven't been done yet, or to imprive existing models, except for your own skill. This is probably where a lot of the old sceners get left behind, because their skill sets are focussed heavily on hardware and not mathimatics or science which is now increasingly important to stay ahead of the field.
Finally with regards to DirectX, I feel it has it's place in the new scene. Since like discussed the focus has shifted from low level hardware to scientifically complex effects which often require much experimentation. In these conditions productivity is more important than absolute efficiency and directX is the most comprehensive graphics development library out there.
PS: Just a reminder I'm not attacking you or trying to demean your skill. Just playing devils advocate to put forward an alternative point of view

. All discussions welcome, please pick it apart .