I think you're right Jim. There have been two major inovations in packs in our lifetime: pack frames and internal frames. Both make the packs heavier, but distributed the load better. Both innovations have now been around for decades. Like you pointed out, the materials have become lighter (and more expensive) but added whiz-bang features have countered the wieght advantage.

For tents, the advantages have been in condensation and bug resistance and durability, not wieght. However, they still classify a "four-man" tent for the four "freindliest" men on earth.

For clothing, I think the new stuff is better. New fabrics wick moisture as well as wool, but weigh as little as cotton. But you're right again that marketing has pushed the envelope on "less-is-more" when, in reality, what they mean is less material for more cost.