1. For the most common things people will write, we have a plethora of asymptotically optimal choices that have been discovered.
2. Consider any algorithm of roughly linear complexity (this probably applies to N lg N as well): the only way to make it significantly faster now is to improve parallelism (whether making it so the CPU can exploit ILP, running multicore, or running on a GPU). In 1992, you could make things run significantly faster by just waiting until it was 1994.
> In 1992, you could make things run significantly faster by just waiting until it was 1994.
Also, during that time the computer market grew extensionally as well: there were a lot of people who didn't have a computer, and when they went to buy one, they'd naturally buy one of the more modern, more powerful models. Nowadays, it's mostly people updating their already owned hardware.