I've always shared a similar view on road bikes - hence me still cruising around on a 10 year old Tarmac when not testing out something new. I'd agree that you can certainly still hang in there with the "fancy" / newer bikes on any road bike meeting the basic weight & geo criteria you've described. BUT the geometry, improved carbon layup, stiffness and general improvement in groupsets, wheels etc. do make a big difference in the feel of the bike. This bike feels a whole lot faster and more efficient than my old one and many of the newer bikes I've tested. Just how many seconds or minutes advantage that translates to I couldn't say, but for those at the pointy end of any race or just wanting to better a PB those might be the seconds that make the difference. Unfortunately my bank balance wouldn't support an S-Works, but if money wasn't an issue I'd happily spring for one. I would be quite happy with the Expert Ultegra at R56k and expect the gain over my old bike would still be significant...
