John,
The 12 meters pretty much ruined sail handling skills when they got rid of the yardarms and cross sails and jiggers and angel pokers, et cet. Sail handling skills were thrown out of the window then.
Memory is a strange thing - very, very few AC races have ever been close and pretty much the fastest boat or the first boat over the line has always been the winner. Past AC races were basically very slow drag races. However, those few events where the race was close sticks in people's minds and becomes the memorial "norm". That is what you are remembering.
Did you watch the first two races on Sat? The upwind leg was a tacking duel the entire way with the lead changing twice (almost 3 times). Did you watch Sunday's races? They were also tacking duels with luffing and penalties and split tacks, et al. None of them were really resolved by the first boat over the line or the first boat to the first mark or the first 45 seconds (well, one of four was).
As for the starts, there are a lot of tactics but they are accomplished quickly. If the 12 meters were jockeying around at 40kts, the same would be true for them. And who really wants to see 45 minutes of pre-start jockying? Most of that was simply sailing around until the final couple of minutes anyway.
There really isn't a favored end of the line anymore because the technology keeps the line dead square (the steady wind in that part of SF bay helps also). These aren't pinned lines anymore - they are dynamic and measured to within 2cm! A boat could port tack the start, but it would be stupid. This would also be true if 12 meters were racing today instead.
Forgoing the spinnaker, these boats have as much sail handling as 12 meters - the wing needs to be constantly trimmed and the camber adjusted, as well as the jib. The wing also has a twist element, but I don't remember if that is fixed or adjustable. Since these are now 3-dimensional boats, the foils themselves are "sails" and also require constant adjustments to their angle of attack. The 12 meters didn't have that to contend with.
Foil-foil jibes require probably the most trained and coordinated crews ever assembled in racing. Certainly far more than any other crew in AC history. Note that it was only in mid July when the first foil jibe was actually accomplished, and only in the past few weeks when it was being performed almost regularly! Not to mention these are the most physically demanding boats ever raced and the crews are in the best shape of any crew in any race. These are rarified athletes at the pinnacle of a sport skillfully handling an out-of-control machine and you do them a disservice suggesting otherwise. You can hate the boat, but you really don't have an argument against the athletes.
Good riddance to free-flying spinnakers IMO. They haven't been used for a very long time in AC competition and you won't see them coming back anymore than you will see Yankee's returning.
Change is always difficult - particularly when the change is so abrupt it negates most of one's previous knowledge and expertise in something.
Personally, I hope to never again see sluggish boats slogging their way around a miles long course 10 miles offshore using carpet bags on sticks. Even if the AC returns to mono's, I don't think you will be happy with what gets produced...
Mark