1. Lubricants are much better
2. Clincher tire technology challenging tubular performance
3. Wheels are much faster and more reliable
4. Apparel is much more comfortable and aero
5. Bikes are much lighter (ti and carbon). 22# used to be a good road bike, now it is 15#
6. Gearing ranges allows one set of wheels (5 speed FW vs 11s cassettes)
7. Sealed bearings.....remember tearing down pedal bearings every few weeks riding in the rain?
8 I suppose nothing is better than a 66-42.
To me, these were all large advances....
You left out what I think is the biggest major advance: Lighting. HUGE advances in high output LEDs and rechargeable battery technology.
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Proud parent of a happy inner child ...