Speaking as someone who's been interested in D&D for as long as he can remember, but only actually started playing when 3rd edition came out, the old art by and large wasn't that good.
I'll come right out and admit that I'm not the artistic type, though. I don't have much appreciation for different styles for their own sake. I vastly prefer Wizards' consistent quality, even if it does all seem largely the same style. It beats the hell out of the hit or miss mish mash of ages past. Sure, there was a lot of good art, but there was also a ton of really crappy art. Plus, most of the interior art was black and white and I've always disliked black and white stuff...
So stick me firmly in the "it wasn't that good, you've just a ton of nostalgia" camp.