I think it depends on the component. For my money, speakers have not "improved" in the last 20 years or so. I'll hold my KEF 107/2s, or Quad ESL 63s against anything I've heard under $10k since their introductions. However some components have improved... especially if you go back 30+ years. Turntables for example, IMO there are more very good tables available now than during the seventies - the heyday of vinyl! Although I'm not a nut for high end interconnects, I have to admit those too have improved a lot. In general, I think the improvements since the mid eighties have been much smaller than those made in the twenty years before that. One area that has "improved" (if you can call it that), is in the VERY high end of the market... there I hear things I never heard before, but unfortunately $20k+ speakers & comparably pricy electronics are way off my radar, so irrelevant for me.I still love listening to the latest products, but I don't find too many major components pulling at me enough to change, as long as the "old stuff" is still performing as it should.
Cliff