I agree that the old shapes were more "organic" and sweet to the eye. But the newer shapes work better if you are after boat speed and control. The trend in production cruiser racers almost always follows what the racing classes are doing. I think its a bit like putting a spoiler on the back of your Toyota. They want to look racy.
Overhangs have dissapeared because production builders want max volume for a given LOA. I could argue that overhangs like you see in the old boats are not very effective but I'd step on toes and piss people off. Overhangs are pretty but dangling a lot of boat out in the air does not displace any water so I don't buy the argument that overhangs increase sailing length. Yes, they do when they are immersed and in many cases they can be immersed particularily in the stern. I think the argument for overhangs today has to be a subjective one. They just look great.
Give me a minute to get my sand bags piled up before you attack.