I don't know if modeling has changed so much other than the higher proportion of very young models (fifteen to sixteen-ish) entering the industry and getting high level bookings. Modeling has always been this take a whole bunch of young girls and churn them through the system, and once the smoke clears in 3-4 years only a handful remain. I definitely think that in five or so years that we will be able to state that the industry has produced another set of Natalia and Daria and Raquels, and dare I say that in ten years we may even have another supermodel which would actually put this era of models ahead of the previous one.
What I think the difference is is that we are living in the information age and some people follow models like others follow sports talent, which is perfectly fine, so people intensely scrutinize who opens Prada and what newbies get shot by Meisel or rack up campaigns and who makes the Top 10 Newcomer Lists - did these lists even exists ten years ago? So there is an investment in this "game" and people get frustrated and hurt when their girl ends up fading after an impressive debut, I include myself in that group because I will be tossing names out in various threads about who I wish will get whatever coveted booking is under discussion and the girl in question is probably shooting a Kohl's ad or has returned to the Ukraine or Brazil. My point is that the blip phenomenon has always existed in fashion, always has and always will, the point is that in recent years the blips have been given names and faces and not remained anonymous blips who faded before anyone noticed them.