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Everyone's an "expert" these days. Back then, none of us were sure what we were doing and, as a result, we would all reach out and help each other. Sure, people still do a bit of that today, but it certainly is not like it was.
Well, it's still only a small group of people that really are pushing the boundaries and those people still share a lot of secrets with others. Most of it probably happens behind the screens, but the other majority of people kind of follow where others lead so to speak.
Don't forget Half-life and Medal of Honor wouldn't have been possible if it weren't for Carmack helping other people out and so on. It's still happening today on similar levels, but more on specific subjects instead of entire engines mostly. Nowadays a lot of shader related knowledge is out in the open for everyone to read about. I think most of the real experts are very aware of the fact that progress goes faster if everybody is involved in it, able to share ideas and so forth.
I think the adventure seems gone, simply because the whole scene blew up the way it did. Companies earn millions with single game franchises, game hypes are created in such a fashion that the release of a major title makes the evening news.
Things like that definitely ruin the adventure of it in my opinion, but we haven't seen the final frontier of games by far. We haven't nearly started to approach the graphical boundary of ultimate realism and other aspects lay even further behind like Doug said. I think recent inventions like EyeToys and Microsoft's Surface are going to be the start of where the 'next' huge change is going to be. I am pretty sure that it's going to be an evolution though, not a revolution,
Cheers
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