I like Neumann for some things but they are overpriced tone controls for others... IMO!
Here's my shot at it given I have not done more than slightly dabbled for some time:
Improvements include much better manufacturability and quality control, better membranes/spiders that provide more dynamic range and greater frequency response, better transformers and preamp electronics (built-in or not), companies like Royer bringing back high-quality ribbon designs, and companies like earthworks bringing out omni instrument and measurement mics with better specs and performance than the much of the revered old models. On the lower end a lot of manufacturers have introduced low-cost medium- and large-diaphragm mics that sound pretty good for their price, and sometimes compare to mics costing much more. There are also several decent measurement mics that are very inexpensive and yet, with a calibration file, rival the more expensive earthworks, Sennheiser, and B&K measurement mics.
Bruce is in a much better position to comment, natch! - Don