It's easy to look at the current glut of poor quality films and assume the industry has gone to Hell in a handcart. However, just look at how much choice there is now. Back in the 1970s, you might have had a couple of films showing at your local fleapit. If a film was particularly successful, it may end up playing for several weeks or months. If a film you wanted to see didn't get a release in your area, you would have to wait several years to see it on TV.
Yes, there is a lot more crap now. But let's look beyond the rose-tinted nostalgia and acknowledge that multiplex cinemas, multichannel TV and the DVD industry have given us greater access to quality films. Remember, the "formulaic potboilers and pointless retreaRAB" may actually enable your nearest multiplex to show a few quality films that would never have reached your area in the glorious golden age.