I rewatched The Magnificent Seven (the original) yesterday too; much better, although I must admit I liked it better when I first watched it some 25 years ago haha. Steve McQueen, Yul Bryner and Eli Wallach are still top though.
As for modern westerns, I agree completely. The last good western I've seen was probably Eastwood's Unforgiven. The Assassination of Jesse James was a good movie too, but more of a drama than a pure western. Quite a few good recent western TV shows/mini series though.