is it shinier? yes, it is much shinier.
Is everything better? No. Privacy's worse, signal to noise is worse (that's a natural consequence of availability, anyway). Are a lot of things better? Yep. Niche sites can get traffic in a way they never could before. That's the natural consequence of taking humans out of the loop- instead of having to interest Jerry or David, now your only requirement for indexing is to interest anyone who is also interesting.
Let's keep working to make things better, but let's also not forget the improvements that have already been made.
3) Join a web-ring
4) Add a link in Usenet signatures
5) Ask to be included in the WWW Links section of your interest group's magazine
Or
6) Not worry about discoverability at all because the Web wasn't about growth and profit
My preference as a publisher and reader was for web-rings, they exemplified the attitude of sharing and mutual assistance on the early Web that has been largely lost nowadays.
That's how pagerank worked. Ads destroyed that.
In particular, one way to make your site discoverable was to write to bloggers that might be interested in it.