How good have modern watches gotten?

Was wondering what you guys thought about this. How good have modern watches become?
Do you think that they are overall better than watches of years ago? Can an affordable watch,
microbrand, or boutique brand watch of today compete with higher end watches from years
ago? Are higher end watches even better than higher end watches were from years ago?

Or are the innovations that had to be discovered, along with the craftsmanship, and character
of older watches all things that make older watches have no rivals?