That's probably true of every horror film made since 1979.  Classic horror films did more with suspense, and cinematography, than modern horror films, generally speaking.  We've come to expect blood and gore.

But I still prefer the original Dracula to any of the modern vampire movies.  And in Jaws, the build-up till we finally see the shark is scarier than if it just leapt out in the first scene (like so many of its SyFy straight-to-video clones do).