I used to play a ton of games throughout my teenage years but fell off in my 20s. Now in my late 30s I still keep up with gaming news and discussion, but I rarely actually play through games anymore. I go through maybe one a year.
You're right that the discussion has changed, and that's due to a number of factors. Mostly, new games are pretty configurable and will run on pretty much any modern hardware. Long gone are the days where you simply couldn't play something unless you ponied up for a Voodoo 2. Add to that, that PC hardware is a lot more standard now. Gaming enthusiasts dont need to learn a bunch of competing hardware standards to keep up anymore.
And the other side is that with the introduction of microtransactions, keeping an eye on how companies are trying to monetize games is important. AAA games these days have Hollywood movie budgets and if they're not profitable, then hundreds of people are out of a job. Looking back, it's pretty amazing what 10-15 people could accomplish with a fraction of the budget and time that modern developers get(indie games notwithstanding)