I have programmed quite a bit as well (well not since 1973 like you

) as I actually prefer C#. For embedded devices it is quite obvious that .net is not even a candidate. But programmers now dont really have to care about resources because there are so many available! When programming on a MMX with 16Mb of RAM and a 1Gb HD, resources were more restricted, and then on an 6Mhz AT with 512Kb of HD space it was required to watch out.
But today, programs are bloated normally. Some even by design (harder to pirate a 8Gb game that a 50Mb game). And with XP and Vista using .NET, C# seems like the logical platform for non-highend-commercial applications. If you need speed and are maxing out the processor today, then you need to go lower level. But that is a hard feat today. I cant run any home-made application or any application for that matter not from a big-name company like Adobe or something that even touches cpu usage.
Anyways, I still defend that C# is a good language to learn because of its ease, and lack of the ability to screw up inadvertantly.