I wasn't really ripping on the younger crowd...I mean, you could just as easily say the DAW crowd, whatever the age.
The point was that it's a gutsy way to record, and these days, not many would be willing to leave the comforts of their ITB world. That goes right on up to the top pros.
That's a reality...not a rip.
That said...it's not realistic either to think that style of recording would work for modern music production styles.
So there's no good/bad about either...just a matter of making a production decision and going with it.
IMO, the key isn't the '50s equipment...it's the '50s mindset...to have a bunch of musicians playing live and making all your mixing decisions right there on the spot. They didn't think of doing it any other way.
Of course...they didn't do it as a stylistic decision, like it would be made today. They did it because that's all they had.
If there was multitrack recording capability and lots of mics and all that...I'm sure they would have used it to its fullest potential.