You know, as much fun as it is for old-timers to heap scorn on a more detailed rules set, I've got to disagree. That attitude strikes me as intellectual elitism, and it gives nostalgia too heavy a weight for my own personal taste.
I use my imagination as much or more in 3e than I did in 1e. I very clearly remember making up a dwarven fighter in 1st edition, and being incredibly frustrated that mechanically he was like every other fighter out there. Sure, I had an elaborate backstory for him, just like I do for my characters nowadays, but I always had the nagging feeling of so much lost potential.
That's no longer true for me. Maybe its because I play with DMs who respect the rules without being shackled to them (as my favorite DMs always are), but I now can match my character's abilities to the intricate vision I have in my head. I love that about D&D nowadays.