I recently returned from Santa Fe where I completed the SF Century with a team from Minnesota that rode as part of the Team in Training (TNT) raising money for leukemia research. Our team of 18 raised $60,000 and the 200 TNT riders raised a total of $750,000.
Owning only old bikes, I rode my 1973 Raleigh Professional and the only concession to the present were clipless pedals. Being a flatlander, the 7000+ feet of elevation was a bit of a challenge as was the fact that virtually every direction in or out of Santa Fe was uphill or downhill.
There were virtually no vintage bikes of note on the ride that I saw except for a Gios Super Record that had been outfitted with mostly new equipment. What I did notice was how many mechanical problems other riders seemed to have with their new equipment -- poorly shifting derailleurs, chains dropping off front chainrings and complaints of poor handling on the fast and long downhills (My Campy seatpost did disintegrate on one of the training rides and I ended up riding 10 miles standing up. But a quick visit to the LBS and a $30 cheapo replacement fixed that problem). One guy I rode with refused to let his Litespeed go over 30 mph because it shimmied so badly, he was afraid it would throw him off. Despite hitting 48 mph on one downhill, the Raleigh was smooth as silk and always felt solid.
At the end of the ride, one of the other riders commented that he was going to dust off the old bike hanging up in his garage and ride that from now on -- he remembers how much fun he had and how little he worried about mechanical problems. Another convert!!!!