We gained more people with shallower content. Being able to lookup and find a picture of most people is an advantage. But losing flickr quality and album length means instead of a photoset you get a highlight photo with mayhe four combined.
Maintaining old sites were always an issue. Costs / site changes brought down good sites/pages so deadlinks were a huge problem. The waybackmachine could bring a site back but they rarely deep indexed or saved media so you mostly got a page full of 'x's.
Someone on here could easily build a better search engine indexing older websites and bring life back to those sites.
But be warned you've changed. Waiting a week or two or months between replies was common. Having tiny text on mobile is the norm so get ready to scroll. There was a lot of shallow content with some real gems. Patience is required.