Quite often special effects do take the place of a good story, but it depends what you kind of mood or film you are looking for at the time. I think that there is room for both. You just have to watch the film for what it is.
I often find old black and white films scarier than modern ones, because it is what you don't see that keeps up the suspence, same as it does in the old detective films like the Basil Rathbone Sherlock Holmes ones.
If I'm tired or not in the mood to be mentally or emotionally challenged I sometimes watch a comedy, or low budget sci-fi / horror film, even if the story, acting or special effects are total rubbish. I can still enjoy them just as much, but for different reasons.
I know that Hollywood seems to rely on the latter at the moment, but sometimes I can be surprised at how good a film is.
We are also lucky that the size and low cost of making dvds means that lots of old classic films which were never available on vhs are now being released. So in some respects we have more choice than ever.

Daz Studio 4.8 and 4.9beta, Blender 2.78, Sketchup, Poser Pro 2014 Game Dev SR5 on Windows 8 Pro x64. Poser Display Units are inches