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Pretty much the same as it always was- elite fighters being hard to come by. The difference is that those around the elite fighters are more well-rounded in the lower weight classes. Certainly, LHW and HW are not what they once were in the past, incredibly shallow. Witnessed long streaks of the Chuck and Islam show at LW, and the Volk and Max show at FW, and no one else being much of a challenge- how deep is it when a couple guys totally dominate?
It really does go to a basketball analogy. When you go Wilt, Kareem and Shaq, their stats are gradually worse when they played- not because they were necessarily any worse than the previous top center (likely played at a similar level), but because the competition level gradually increased with time.
The UFC shows a non-team sport version of this. You have a more well-rounded and athletic pool than you did, but you still only have a handful of the most elite (and they aren't necessarily any better than previous élites).
Never looked at it like this, but its a good analogy sir.
Good stuff brother.