It's cycling history the same way flared trousers and tank tops are fashion history.
I went to the cycling exhibition at the Design Museum a couple of years ago. To my eye the loveliest bike they had was Eddy Mercx's hour machine. Minimalist. Straight tubes. Lovely.
I agree with the loveliness of a classic '70s top spec road bike in the same way its easy to appreciate, for example, the elegance of a Spitfire. Both represent the best use of materials and engineering excellence with the technology available at that time and they both have, for want of a better word, charisma. But at the same time there has to be room for innovation and pushing the envelope of what's possible. Even if that leads to the occasional monstrosity (I don't think the bike in the OP is especially ugly BTW) or dead end, it still helps direct and mould the future. You can see a lot of that Look bike in any modern TT or Tri bike. What's probably missing is a lack of emotional connection.
Flairs? Don't deny your inner hippy Tim!