Sorry about misunderstanding your post. I focused on your comment
about feeling cheated watching new films. I missed the part about
story.
I agree. Story is the most important aspect of a movie. Special
efx that help or enhance the story are a wonderful tool. That clip
you posted showed that we filmmakers can expand our stories these
days. We are no longer limited by our small budgets.
I never feel cheated when I see amazing efx. I feel cheted only
when I sit through bad storytelling. And I’ve seen hundreds of bad
stories that didn’t include even on special effect.
BUT, back then it was done to enhance the story. The story wasn't written around the bg or the effect. Nowadays that's all there is.
These days there are many movies made that are not written around
the background or the effect. Some filmmakers (Lucas is an example)
are much more interested in the effect. But there are so many who
are not. So many who are using those background effects well that
most of the time we don't even notice.
Go see "The King's Speech", "Winter's Bone", "The Kids Are All Right"
and "The Social Network". Background replacement was used well in
those films.
I agree with you that efx can be used badly - but nowadays that's
not all there is.