+1 Yungburke.
And it's not just in racing bikes either. Mountain bikes today are so much more evolved than their 1985 predecessors. Suspension on those was brand new back then (and most didn't have it). Nowadays, any mountain bike has it, and the high-end ones still get modified. The suspension today can allow some riders to take some huge drops that 30 years ago would have killed a rider on a rigid bike.
For casual riding or touring, not much has changed. But on the mid-to-upper end spectrum it never really stops changing. The low-end might not see it for a while, but it's happening, and fast. And generally for the better.
You're statement fredlee is, frankly, troll-ish. And is like saying cars from 1985 are no better than cars of today, which when it comes to fuel mileage and emissions is a load of crap. Similar things were probably said back in 85' in relation to bicycles and cars and what not. Give it 30 years and somebody will say 2009/2010 was the peak.
Patience, and you will see.
-Gene-