This is probably not new thinking, but it hasn't yet been put on this thread.
I think the groove rule change is going to go a long way towards solving a lot of problems with golf course yardages. As all irons start spinning less because of less aggressive grooves, the pros are going to need softer golf balls, more like the balata-covered ones they used to play. You all know that more backspin means more sidespin as well, as well as less distance off the tee. Even though clubs are engineered to minimize sidespin, the natural increase should promote more shaping of shots and make fairways play narrower, especially for the big hitters. And of course, regular rough will play longer and scores should eventually trend a little higher. I like it.
As for my wedges, they have the square/U grooves and it looks like unless I somehow learn to play well in qualifiers and get into a US Open, I should be alright with what I've got.
Also, blade-type irons have probably changed the least out of any kind of golf equipment in the last couple decades. If you're good enough to make nice contact with current blades, the old ones should be just fine as long as you take care of them. You might consider getting them reshafted at some point (which is not a form of giving in to current technology; it's just potentially dangerous to have 30 year old shafts in your irons).