This. While software vendors certainly deserve some part of the blame for eating more cycles, much of that is not bloat, and any realistic analysis of the problem must also take into account usage patterns. Does Photoshop use more cycles and more RAM than it used to? Yes, for certain. It's also able to do many more things than it used to, and is regularly run on huge images by relative standards. I also think nothing of having a browser with 20-30 tabs open, while listening to MP3s, editing a photo, and say ripping a CD all at the same time.
Hell, right now at this moment I'm running a browser with around 12 tabs, listening to music and working on a Word document... No big deal you say? Well while I'm doing that I have an entire virtual machine running a whole separate OS instance so I can use Windows software while I'm simultaneously working in the native OS. This whole separate OS ALSO has a browser running (with a corporate training app that only works in IE chugging along), plus my Outlook e-mail, a few communications apps, and an Excel spreadsheet. My computer isn't even trying hard, and it's a year old low end Macbook model.
Compared to the days when I used to have to shut everything down before burning CDs (buffering errors), or ripping MP3s (way to slow otherwise, and sometimes you'd get encoding errors if the CPU was working too hard).