Hey Matt, A bit of deja vu here
I do not buy the idea of people doing great things with little technology. I would say the opposite. Over the years technology has enabled many mediocre untalented people to make passable recordings. Any record label puts an artist or band into the recording studio and throws the works at it using all available technology to make them sound good. When was the last time you heard somebody recreate anything approximating their recording in a live performance. Even in the sixties with limited technology the so called live, raw talent rock bands you keep mentioning used every trick in the book to sound good.