There tends to be an unnatural reverence for old movies. I believe the art of acting is much more refined now than 50-60 years ago. Filming and editing techniques are vastly superior. While I'm not a huge fan of CGI and gimmicky special effects, they offer the potential to do things that just weren't possible years ago.
I couldn't pick a movie that is the 'greatest of all time'. Some of my favorite movies are silly mindless comedies, like Airplane and Hot Shots. Nobody would ever mistake these for classics.