I don't think there's anything wrong with being nostalgic for the old days, it's really subjective since we're talking about stylistic preferences anyways. A lot of people are going to have their fondest associations with the time period when they were first getting seriously involved in the game.
I can agree with the OP to an extent in that I think some of the current warhammer designs seem more toyish or cartoony than their previous incarnations. Oversized weapons (current Vampires), big swooshy cloaks (Deathmaster Snitch), just some of the exaggeration in general contributes to the over-the-top nature of some of them and in some cases I'd prefer something a little more understated.
Of course, that's not to say that there weren't any ridiculous models in the old days, or that all of the old models were quality, characterful figures. There are also some ranges which I think have gotten a lot better since the old days - the oft-mentioned plastic skaven are a HUGE improvement over their former iterations, and I think several factions got a much grittier, more realistic, or just less-stupid look with 6th edition that has for the most part continued. All elves, for example, Bretonnians, and while I'm a fan of the very old chaos metals I think the current warriors are undeniably an improvement over the first multipart plastic set.