I didn't say that Prime Sigel and Earl (or Buddy or Nick) couldn't have held their own against today's field. (For back room action I'd take Buddy over anyone.) All I'm saying is that they couldn't dominate the way that they did then. The major tournament fields today are more like golf's, where any one of a dozen or more players has a legitimate shot of winning.* Unlike tennis, where the same 3 players have been dominant for what seems like forever.
As for equipment: Today's pockets are tighter, but the cloth is faster and more consistent, and climate control for major tournaments is vastly improved. I'd call it a wash. And much as I love my Revo shaft, I'm not really sure that even today's top level cues bring out your game much better than a vintage Balabushka. It always just comes down to the stroke, and great power strokes have been with us since before most of us were even born.
* Filler, Gorst, SVB, Shaw, FSR, Big Ko, Little Ko, Kaci, Chang, Yapp, Ouschan, Chua, Orcullo, not to mention some of the others (Aranas, He, Lechner, the Polish players) who've been knocking on the door.