where there has been the biggest change in pool equipment is the balls, what we use now compaired to 50 years ago is huge.
I have some chalk thats 100 years old and you cant tell it from a new piece except by looking at the label. I have used it for a few hours a couple times and it works great. But because its collectable I didnt use it up, but I did verify for myself there has been n o changes to speak of with chalk. Some brands are better than others but it's all very similar.
Tables have changed a little but not much, pockets are smaller nowdays.
Cloth has been manufactured by Simonis for 100's of years, there are different types of cloth that effect how good you can play, the real slow fuzzy felt looking cloth is much harder to play on than fast Simonis, in 87 when Simonis showed up in California we had 4 3/4" to 5" pockets and everyone started running more packages in 9 ball. It got to the point that if someone missed he would concede the game if the balls were laying easy. so in response to this pockets have tightened up now you see 4" pockets. The reason is because its much easier to move the CB on Simonis cloth so to make the game harder the pockets had to be tightened up. There are many differnt kinds of cloth for differnt games, directional, rubber backed, worsted wool, etc. Some cloth types will determine which cues work the best. But for American pool i'll explaine below.
This brings us to cues, when the cloth was slow and the pockets were big cues were on average 20oz, 21oz. Now days 18oz, 17oz is the average weight. You dont need a heavy cue to muscle the rock around the box, Thats the single biggest change in cues is the average weight. With faster cloth you can let the cue do the work more often and you dont need 21oz to make that happen. I have played long enough and good enough to know this for a fact. Ask the old guys they will back me up.