2nd edition was a lot of fun IMO as well.. it felt more "interesting"..
That said.. it wasn't balanced at ALL.. I think the big difference is now we have the internet and can:
A) Compare results so that imbalances stick out more
B) Complain in a more focused area blowing things out of proportion or creating a scapegoat reaction rather than a "find another way around" type of mentality.
We were forced IMO to work things out in our personal communities and arrive at concessions on dealing with the imbalances or understanding and dealing with the fact that certain things were just going to wreck shop. I have been out of the loop the last few years but back then it seemed like every year or so an "unbeatable" army would make it's rounds and then just kind of die off. I usually tried to avoid this except that I made a leafblower army before that was really a thing.. and I was running the broken Khorne DP with Wings and Blood Thirster combo when that was really all you needed to field... Which I mostly ran to counter the other DP steam rollers that were frequenting my FLGS back then.