I must be the only one that finds contemporary cinema to be quite good. The fact that so far this year I've been to the movies ten times or so and only once have I felt an urge to up and leave (Transformers 2, I had to be a good bro and jump on that grenade). The rest I have enjoyed immensly for what it was worth.
In my DVD collection, you'll find mostly old stuff. The Thing, Assault on Precinct 13, Blade Runner, Evil dead, Night of the Living Dead, The Dollar-trilogy, Taking of Pelham 123 (the 70's original), Soylent Green, Smokey & The bandit, Cannonball Run, the Longest Day, Where Eagles Dare etc.. These are all good movies for sure. But at the same time, all of them were critically hailed as groundbreaking when they came (or developed a cult-following later on a'la Evil Dead).
And let's face it, Children of Men spanks Soylent Green seven ways to sunday when it comes to delivering a dystopic vision and a message about humanitys course. Inglorious Basterds has far better camerawork and exposition than A Fistful of Dollards and Night of the Living Dead might be the "first" zombie-flick, but the re-make of Dawn of the Dead delivers a far more solid zombie-flick with better pacing and character development.
Nostalgia is a powerful thing, but it is just that, nostalgia. We don't even need to have grown up during the period today to feel a certain nostalgia towards the movies that made way for the industry as it is seen today. But no matter which way we look at it, cinema develops. And just like in any big industry, the truly groundbreaking stuff will stand out from a large puddle of cheap knock-offs and expensive imitations. It is that groundbreaking stuff (like the Godfather, Children of Men and Blade Runner for example) that we will remember. Not all the countless mediocre movies that were released at the same time as them.