I don't see kids running around outside that much anymore. I think there's a lot of scare-mongering by the media for things that have always been present, and a lot of nosy, do-gooders with too much time on their hands.
That said, as a parent of a 2 year old, I can't really see myself letting my kid in 4 years run around without much supervision. I guess one difference was that we always had our little gang with us...at least 3 or 4 of us always together.