I think we're trading one set of cultural artifacts for another. Whether or not this is a good thing, I'm not even going to try to speculate.

It works the other way, too. Sometimes I have to get my son to explain some of the kinds of references that people his age understand without difficulty, but I haven't a clue what they're talking about. But I'm guessing that this is all a normal part of the evolution of culture, maybe sped up a bit because of modern technology.