I agree with Trav to a point, with the exception of the new japanese jerkbaits that have perfect action right out of the box (no more buying 5 husky jerks or Rogues until you find a good one), I'm tending to spend less and less on my lures and rely more on imparting the correct action instead buying the latest "hot" bait. In my business, technology has taken away what used to be considered an art form. The kids out of college are superior to me with the use of computers, things that used to take us days to accomplish can now be done in hours.
But like Chris Farris said, these new electronics are a "game changer". It takes much less time to get to know a lake and find one little piece of structure down 30 feet deep that you may never find with poor electronics. But good old fashion boat handling ability and fishing know how more than levels the playing field. But if you can put in the time and learn the electronics inside and out, there's no way it cant make you a better and more complete fisherman.
A little off the subject but one of the things that really makes me go postal is some guy burning down the lake at 70 mph in his 21 ft Champion through a dense fog just because he has a good GPS system.