D&D is a game that ought to be fun. To increase the fun, it thus needs to be faster in game play. It needs to be easier to grasp. It needs to provide all sorts of elements that help players and DMs imagine as quickly as they possibly can, with the most "fun" value out of it. Okay, I guess, but... what kind of "fun" are we, in fact, talking about?
Never, in the last edition's text, do we get a comprehensive explanation of what, exactly, is supposed to be fun when playing role-playing games. I suspect that's where the fallacy of Fourth Edition began: the challenge of 4e's "design team" was to pick up Third Ed and instantly wonder "how do we get this game to be more fun?" rather than "what makes role-playing games fun?" in the first place!
I suspect that the fun that makes one play role-playing games has in fact nothing to do with "game balance" (which truly means "rules' balance in a vacuum" - maybe more about this later). It has nothing to do with the relative complexity of a game system, though it can affect the long term engagement of a player with a particular game.
Nope.

I prefer, like others, to call it Enchantment with a capital E.
Yes. Enchantment.
This "wow" factor of "Yes! This time and forevermore, *I* get to be Jack climbing the beanstalk!"
This has been ignored in game design for some time now in favor of a self-contained, self-contaminated, self-inflicted obsession about the rules and how these rules bring about fairness, choices, support to the fun of the game.
This is my theory, and this is why I think it is valuable to get back to the Lake Geneva campaign as a sort of cartharsis to our own first role-playing experiences. A way to understand why role-playing was so fun in the first place, and how, so that we can make our own games profit from this experience and become more "fun" themselves.
I suspect this post may be quite controversial to some people, and to tell you the truth, this is fully intended. Am I wrong in thinking this way? Then please, tell me so by leaving your comments! Whatever your thoughts may be, I hope you will share them and fuel this conversation. I feel this is part of the reasons why we are all here.