Everything was ALWAYS better in the "good old days".
Things were more like they used to be, back then.
I don't have any Registered Magnums handy, like Mr. Eick does, but I can say that on any and all Pre-War revolvers, even the comparitively "disposable" I-frames, a lot more hand labor was expended on the gun. How much of this added anything beyond cosmetics is open to debate, however. In simpler mechanical details, my 1928 .38 Regulation Police sports no better sideplate fit than my 36-1, from 1980, in the heart of darkest Bangor Punta (both are actually fit quite fine.)
I don't, however, think the quality line is a simple, downward slope. Is it worse now than it was in, say, 1934? Hell, yes. In 1934 you could get skilled metalworkers to sit and polish guns by hand all day for streetcar fare and soup money (there was kind of a Great Depression thing going on at the time...) Nowadays, the guy that drives the forklift in the warehouse expects to make enough money to make his bass boat payments; costs have to be cut somewhere. Overall? I think quality is, on average, on an upward trend, and better than the low ebbs of the late '70s/early '80s, and the period roughly centered around the adoption of the new lockwork in 2000-2002.