"grandfathering" means if you'd design an airplane like 172 today they wouldn't meet the safety standards and you wouldn't be able to produce them, but since they were designed back in the days, if they don't change the design, they can still produce them.
http://www.usatoday.com/story/news/nation/2014/06/14/unfit-f...
I fly 172 regularly. It's a safe plane, but you have to know quite a bit about engine and how it works to be really safe up in the sky. I had engine failure on take-off with extremely well maintained plane. Starting the engine is a pain in the ass for most civilians who don't understand 4 stroke engines.
Cessna 172 uses about 10 gallons of fuel per hour. That's quite a lot. I think in 2017 there's better options out there.