Problem now is that you get to write, test and maintain all this instead of using something that has a whole community backing it.
Having said that, it's all about tradeoffs. Whether your project needs something as big as <insert JS framework or lib here> or if you can live with just needing a few utility functions, you make those choices, doesn't mean one is better than the other as it all depends on context and situation.
jQuery has become the defacto must-use library for javascript now which IMO is unfortunate, as a lot of sites and apps include it when they barely use most of what jQuery offers. I'm guessing most use jQuery for only a few things - Ajax, DOM querying, and events. I hope that sometime in the future jQuery would be more modular.