Not that much of an oldie compared to some of the posters in this thread, but I can relate to what has been said in these pages. While the extent may be worse for those who have been here since 2004 even i can notice it in the 3 years I have been around. I don't play much anymore due to a few reasons but one of them being the racing. I don't enjoy the pick up and play racing that I did when I first started playing. I have mused over this wondering whether it was rose tinted glasses, me being a little bored with lfs in its current state or the quality of racing in pick up and play racing. (All very well saying join a server but I don't have the time to practice enough to race leagues to a decent standard) I have to say though maybe it is a a mix of all 3. The memories that really stick in your memory are those of the good times from that past: the close lap after lap battles, the 1 point victories in leagues etc not the time you got taken out in T1 of a 5 lap race. I have to say though the race craft does seem to be worse then when I joined.
Also Insim has been mentioned in this thread as well. While I see the point and I did enjoy the tier of CTRA when it was running, some of the app that are used are very confusing, even for me after being round a few years nevermind a first timeplayer. While the Insim provides some good things in my opinion it has been used to far, but short of the devs reducing its usefullness or removing it completely (which I can't see happening) I don't see a solution.
The old timer's racing sounds good and would be a server I would be interesting in. Though would also be good if more of the unusual combos were used.