I'm 23, and I have no problem with the current art. It looks fine to me, and I don't really see the "punk."
Then again, I am a Final Fantasy player, so what do I know? My first fantasy books where the original Dragonlance novels. But then, my second fantasy books where Weis and Hickmans Darksword trilogy, which is Uber-high magic.
I've never read Tolkien either, only seen the movies. I remember, years ago, finding and reading about a quarter of the first book, but I got bored with it and stopped.
I havn't read Conan, or whatever other books your refering to, so my version of "Classic Fantasy," is quite likely very different from those older than me.
As for the spikey thing, with all the critters that either try to bite and/or swallow you, the more spikes the better.
After all, would you eat something wrapped in barbed wire?