That's one thing that I feel needs to be brought up: the difference in experience and the warping of memories. I remember the campaigns I played in back when I first started with Basic D&D many years ago very fondly with dungeons filled with deranged halflings and the 10 foot rooms filled with 50 foot long dragons. I remember the blast I had running The Night Below in 2E. However, I don't have as many great memories of campaigns with 3E. It's not that the game isn't more fun (IMO, the system is far and away better than it ever was), it has more to do with the fact that we had more time to play back then. Now it seems like we (my group "we") spend more time emailing about great campaign memories than creating new ones since none of us can get together regularly enough to really play a campaign on par with the games of yore.
Plus, us "old timers" (having only been playing for 15 years myself I'm nothing compared to several on these boards that started with the first white booklets, but to today's kids I'm an old fogey

) started with a different ruleset that wasn't filled with options or a bunch of cool new powers. Our characters still needed magic gear and better spells to have a chance of survival against the ever toughening hordes of monsters. We may not have all played that way, but it was certainly a feature of the system even in earlier editions. Those features are much more pronounced now and are immediately visible upon creating a 1st level character.
None of this means that the games of today have to be a monty haul or not focused on the adventure. It just means that the GM needs to focus more of the players' time on the adventure rather than "Cool Power X". For new players, all they need to really get into the adventure that D&D has always been about througout each edition is a GM to show them that D&D can be so much more than just levelling and getting new magic items and powers, but also about the shared experience of the adventure with good friends doing something fun. That first really captivating adventure will keep most players I've ever met coming back for more just as much, or more, than just levelling and gaining power.
3E is styled such that it's easily accessible to what gamers today are used to: gaining power and plenty of options. That doesn't mean for a second that 3E has to be played like a video game. It's just a tool, the GM makes the game come alive and keeps the fires stoked for something more than just kill/loot/level/repeat, if that's what they're looking for.