Yeah, I mostly agree with that.

Mind you, the biggest hindrance the create something special back then was technical, nowadays it's time: codebases are far more massive nowadays and the work that goes into making assets (sprites, models, audio, animation and so on) that go with the code in a modern game is gigantic compared to back then (or, alternativelly, if done with reusable assets you get just another of hundred of similar-loooking low-buget indie games).

Even something like Bioshock with it's unique vision was already a massive piece of work when it comes to game assets, though artistically (and as a game too) it's a masterpiece, IMHO.

I actually made a handfull of games back in the early 90s (a minesweeper clone for the ZX Spectrum done in Assembly and never published, and a Tic-Tac-Toe game for the PC done in C that I sold to a small magazine and did got published) and then started working on game making a few years ago, and definitelly the programing work has expanded in terms of size (with still some down-to-the-metal technically complex stuff like shader programming) but the asset creation work has massivelly exploded (no wonder AAA games have bugets in the hundreds of millions of dollars range).