Everything will break down eventually. Old, new, complicated, simple, something will go wrong at some point. The difference lies in what happens when something does go wrong. As a collector of
antique radios, I'm well aware of the fact that components used in the old days were far inferior to what we have now. Wax/paper capacitors, carbon composition resistors, electrolytic capacitors (both wet and dry), etc. etc. etc. Manufacturers knew that stuff was going to break, so they (usually) designed it to be (relatively) easy to repair. Tolerances were wide, to allow for the inevitable drifting of component values.
As time went on, component quality increased (wax/paper gave way to molded paper gave way to film dielectrics, to name one example), manufacturing methods changed (point-to-pont gave way to printed circuit boards, wave soldering machines replaced hand soldering, etc.), and reliability increased. If things had stopped there, perhaps things would be hunky-dory.
Eventually, though, the march towards miniaturization began as through-hole gave way to surface mount even in places where it wasn't truly warranted, rather than sticking to using it in portable devices like Walkmans and cellular telephones. Compounding the problem was the advent of ROHS, which made manufacturers switch to unleaded solder. Take tiny SMD ICs with numerous pins spaced closely together, add numerous dendrites (aka 'tin whiskers') sprouting from lead-free solder, and you're asking for disaster.
In addition, as other components took great leaps forward, electrolytic capacitors changed relatively little. Early surface-mount electrolytic capacitors were far less reliable than their through-hole counterparts, leading to
failures in
relatively new computers whereas
older examples using through-hole parts continue to chug along. In the early-mid 2000s, the
capacitor plague struck, as a botched case of industrial espionage led to countless premature component failures throughout the electronics industry, particularly with computer motherboards. I'm convinced that there are still factories located in certain parts of the world, cranking out said plague capacitors for the less-than-reputable companies to use in cheap electronic devices (*cough*flatscreens*cough*) to facilitate planned obsolescence.....
Anyway, apologies for my rambling rant.

The point I'm trying to make is, components may have been lousy in older electronics compared to some of the modern parts, but they were also built to facilitate repairing, meaning that they can be fitted with modern parts in order to give them a level of reliability never dreamed of by the original manufacturers (and many of the modern ones, too). Miniaturization may facilitate today's tiny electronics like smartphones, but since small electronic devices don't last as long as larger ones (look at any laptop computer compared to an equivalent desktop PC), long-term durability is not in the cards. Early iPods and iPhones have already started going for
stupid amounts of money. I have an
original 5GB iPod from 2001 which somehow still works; if it lasts another 17 years, I will be absolutely flabbergasted.

-Adam