I would agree with Quickstep that changes in the basic technique are fairly minor.
I would disagree though about what is the greatest change: not the relative positions or shapes (sure, that looks obvious) but rather the amount of rise and fall and the corresponding volume of movement - it is drastically larger today than ever before!
With that increase come changes and new obviousness, not of the technique, but of the IMPLICATIONS of the techinque. To those who understand it, the ballroom technique has never been so simple as "you should do x" - instead, it has alway described the relationship between x and y - if you do this much x, the result will be that much y, so depending on how much y you want you must adjust your amount of x.
This is the differences between being able to quote technical TRIVIA meaninglessly out of context, and being able to give sound advice for a particular DANCE SITUATON, but applying the enduring relationships to determine the details APPROPRIATE TO THAT SITUATON.
With regard to rise and fall vs. leg straightening, the dancer who fully understands his subject will recognize (intuitively or intellecutally - it matters not) that the increase in body movement achieved by the last cm of lowering is much less than that achieved by the first cm - it is in fact a square root relationship.
On the other hand, the distance required between the feet to achieve straight legs will increase much more for the last few cm of lowering of the center towards the floor than for the first few.
These two relationships do not coincide! There is a threshold of lowering above which you can apporpriately achieve straight legs, and below which you can no longer send your body fast enough to get your foot a straight-leg distance apart at mid-stride!
Simple relaxed social dancing, and the WALKING EXERCISE customarily do not lower below this threshold altitude, so achieving straight legs is no problem. On the other hand, competition dancing at championship level today lowers far below this - as a result, it is quite rare for a championship dancer to be able to achieve straight legs at mid stride, because they simply can't move their body fast enough to get the legs naturally that far apart before their arrival on the moving foot forces it to stop moving.