old vs new

Look at the Paris-Roubaix times. While it's arguable on some points due to course changes, the 1962 (IIRC) time record was only recently beaten. This suggests that some of the improvements have been marginal.

I have a 1994 Litespeed and 1979 531 Witcomb. Frankly the difference between them is tyres. It would be interesting to compare with a modern carbon lovely, but I suspect that (as always) the difference is largely down to the engine.
 
Re:

29.5mph needs about 500 watts so I suspect you had a bit of a tailwind on the Cannondale. The only thing that makes a lot of difference to straight line speed is tyre choice (or aerobars!). Climbing can be much faster on a light bike, though.
 

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