I'm not too far behind you - my first decent pack was a Camp Trails Adjustable II, and back then the Timberline tents were near the top of the line for general backpacking. I remember reading The Complete Walker (the first one), and when Colin Fletcher said good things about it, I remember thinking, "I gotta get one of those!" In fact, it was the Complete Walker, read after my son's first backpack trip with the Scouts (I was the parent who went along to help the Scoutmaster), that got me well and truly hooked.

As far as the old knowledge, a lot of it is still good, but a lot of it has passed into history. As far as gear, in the words of Carly Simon (I think): "THESE are the good old days..."