Well it's still somewhat true in terms of pure resolution. My memory is pretty fuzzy, but I'm pretty sure I remember running 1024x768 pretty commonly in the mid to late 90's, with 16x12 starting to show up a bunch at the very tail end.
But of course, as you said there's a lot more to graphics then just pure resolution. But if we're talking purely about the capabilities of the display device you'll still find people who will cling to their late 90's era ~22", 70lbs CRT monitor.
I was quite happy with my Avitron AV-7TF till it died last year. I still miss the color reproduction, though the RGBLED in my laptop is pretty good.