While it's true that expansion temporarily diluted the talent pool, the DH artificially increased offense, and players have gained the economic upper hand, there is a widespread consensus that the quality of the game itself is as good as or better than ever . Improvements in hitting have been matched by craftier pitching (by such hurlers as Atlanta's Greg Maddux and Baltimore's Mike Mussina).
The range of talent will never be the same since the expansion.