I don't know about dictating any certain styles of play. There are differences to be sure, but I find there isn't any more min/maxing going on than there was in earlier editions (notably 2E), especially with all the introductions of new races and the increasingly (IMO) overpowerful kits that the Complete books kept coming out with.
As far as magic items go, I know that our OD&D characters used to be pretty loaded down with magic items themselves, even moreso at earlier levels than 3E characters seem to be, IMO.
Then again, I don't game nearly as much these days as I did back then, so maybe I'm missing something.
There are definite tradeoffs, though. I find it is easier to balance things now, and I really enjoy the customization of feats, etc. But it isn't as easy to just create games on the fly (something my brother used to be really good at), and things (combat, notably) seem to go a lot more slowly.