Is software engineering as we know it over the hill?

Many of the best practices we follow today were originally proposed decades ago. For instance, Walker Royce first described the famous Waterfall lifecycle model in 1970.1 Michael Fagan first described his inspection method—arguably the most effective of all peer review methods—in the open literature in 1976.2 The insights and techniques that the leaders of the day contributed were welcome revelations. However, how well have these contributions withstood the last three decades? Is classical software engineering as we tend to think of it obsolete? Have these techniques run their course?