From a competitive balance standpoint, I think you could argue that the league is the healthiest it's ever been. It takes a minute to flip 4-12 into 12-4 with the way things are now. There's also the unavoidable reality that players, coaches, and organizations evolve over time. These guys are much smarter, better-trained, better-prepared, etc. than they were even a decade ago.
On the other hand I think you'd be hard pressed to say the product is more enjoyable. A lot of the things we do to improve the experience of watching a game don't actually end up improving the experience. I don't like unlimited replay, I don't like not having kickoffs anymore, I don't like not being able to hit people, assert your will at the line, chuck the ball down field, etc. I don't like the sharp drop-off in interceptions, I don't like coaches getting smarter, and I don't like the crack down on taunting, dancing, and every other behavior that might threaten Jim Nantz.
I still like the current game a lot. I get the sense that the product I'm watching now is about as far as I can go, though.