Originally Posted by JunkYardBike
Sheldon Brown, for one. Even low-end Shimano components perform better than some vintage high-end components. It's simply technology trickle down. Many of the newer low end components are heavier than older high end, but that's a trade off. But I think the OP may be referring to a bike store bike, not a Wallybike.
I think it's a wise decision to make if you want reliability. Most vintage bikes on the market, even if pristine looking, usually need a complete overhaul if you want a reliable machine. And unless you have the mechanical know-how, and a stash of parts, you're going to be paying through the nose for labor at the LBS. And if you decide on some minor upgrades, like a different saddle, more comfortable bars, different stem, or different pedals, you'll be paying a good chunk of change. It's possible to find a vintage bike set up the way you want, but unlikely (unless you are very easy to please). Finally, there are hidden problem you can't see on an eBay auction. The bike looks pristine, but how are the hubs? Pitted? The headset, the BB? A new wheelset will be expensive, as will labor for headset or BB replacement.
Finally, a voice of reason.
Most every vintage bike I've bought, I got a good deal on. But almost to a one, they've all needed work. There are very, very few $50 vintage bikes on the market that are clean and ready to ride. Take your garden variety garage sale/flea market/thrift shop find and bus it over to the LBS and see how much money you have to pay them to overhaul it and make it a daily rider. Unlike us, they charge for labor and parts.
Furthermore, modern bikes do not have "more complications", they work exactly like the bikes of yesteryear for the most part - pull on the cable, the brakes/dérailleurs move. The only "complication" is the integration of the shifters and brake levers. And they are not that complicated - more expensive, maybe. Also they are very user friendly - my child can use them competently.
As for picking between an entry level bike from 20 years ago and one from today, no question - I'll take today's bike. As JYB points out, the technology trickle-down makes the bike world's apart. An entry level bike from today would be a world beater if teleported back 20-30 years ago. You can talk about character and style - sure, that plays a big part. But to deny that the technology has not improved.....
Look - the vintage stuff is great, I love it just as much as you guys. But let's not be witch-burner's here. Honesty, I wonder if any of you guys that are making disparaging comments about the new stuff have ever put some long miles on a modern machine (or any miles at all?).
Really, I'd like to know - what, exactly, are you basing your opinions on?