Speaker and amplifier design are vastly better than even 15 years ago, partially because of better engineering and mostly because of advances in electronics. An entry level receiver today would wipe the floor with consumer level equipment from the 80s.
Still, traditional Hifi is dying to the "crap tiny speaker" folks. The company that owns Denon and Marantz may go out business this year.
It is ironic because traditional Hifi is in an amazing place in terms of value. I recently bought a budget (<$300) setup for my PC and I'm blown away by what a couple of modest bookshelf speakers, a modern mini-amp and a compact subwoofer can accomplish.