I'm not sure how you're talking about the Library except in your last sentence with "the old days", but I know from experience, with the limited card drawing back then, this card was king with card advantage. Obviously it was in Zak Dolan's World Championship deck (which is what I tried to copy and why I got it and it's the *only* individual card I've spent money for, at $20 back then) so it was U/W, but you just had to keep your hand full and you could outdraw your opponent and presumably get your "answers"/cards you needed much faster. In the early game, you could do that with Land Tax, for later, maybe Wheel of Fortune if you wanted red or Braingeyser or whatever.
Obviously now there are soooo many card drawing options that a mere land isn't going to necessarily cut it, but "in the old days", in that card pool, it was Very Strong.
While there are certainly lots of major difference between then and now that affect the position of Library of Alexandria, it remains a very strong card. The decklist you mention existed in an environment where players could (and frequently did) run multiple copies of Strip Mine (Zak Dolan used 2 copies, and Bertrand Lestree's second place list included a full playset). While I'm not an expert on the nuances of the competitive environment in 1994, I'd guess that Library of Alexandria and Mishra's Factory were probably the two most prevalent high-priority targets for Strip Mine. When it wasn't blowing up those lands or neutralizing opposing Strip Mines, it was great for keeping opponents off of a color, and in an environment with no fetchlands, that's an especially big deal. Obviously not every Library is going to get taken out by a Strip Mine, though.
Probably the biggest difference is that because most decks were slower back then, Library could potentially be used as a card advantage engine even against aggro decks. In Vintage these days, a Ravager Shops deck or Dredge deck can have such a fast clock that Library as a card-drawing engine isn't really relevant, but because it still functions as a mana-producing land, it's not really a dead draw in those matchups anyway. I think Vintage players
mainly want it for the control mirror. I've also tested it myself in an application I occasionally see crop up in Vintage deck records: Library of Alexandria is useful in Storm combo decks as an anti-control card. To win against control, the combo player has to either play through disruption and grind the game out or take advantage of an opening when the control player overcomits to playing a threat. Library of Alexandria is a zero-mana card advantage engine that is resilient against most anti-combo disruptive measures, and this puts pressure on the control player to either present a clock or risk letting the combo player set up.
But I do suppose that overall, you've got it right that there are so many options now and old stuff won't necessarily cut it anymore. Hypnotic Specter is in that boat. Library of Alexandria isn't, but Melkor's idea that a "reverse" version of the card would be is probably correct.