It may well be true that the threshold for stories appearing on the front page needs to be revised, but if you only ever read the front page then you are also doing nothing to select stories of quality and relevance to appear there. Perhaps you should personally be doing more to raise the quality of the front page in whatever direction you feel appropriate.
And yes, I am a newcomer.
I believe the most appropriate of responses here is, no, not necessarily.
In the end, communities defined and redefine themselves, and they do so constantly. One way to keep the level and content of discussions in acceptable territory is to restate, emphasize or otherwise promote the original purpose of the community. Discussions such as this help, if each party isn't entirely focused on mindlessly arguing with other and actually try to understand where their fellow HN-er is coming from, I suppose.
Keep in mind that the sentiment, as you put it, of the grandparent does not necessarily imply the elitism you so readily cauterize. Like it or not, communities have a narrow focus, at least narrow in the sense that contradicts a sentence like "Politics are ubiquitous!". Insight and enlightenment in this particular area of focus usually has a prerequisite the deep and fundamental familiarity with said subject.
Your point about the front page I liked alot. I noticed I only view the front page, deliberate as that may be. I wonder what gems I might be missing..
Or are people perhaps bemoaning the current state of HN just like so many old folks complaining that everything is going downhill and "it's not as good as it was in my day?"
I've answered your questions; have you read my post? Some people (eg. OP) merely point out the community is deviating from its focus. This is not necessarily a good or bad thing and it's not complaining rather than introspection of the community. Some people don't like the end result and leave, others stay behind to "evolve" the community.
I don't understand why you're (and others, admittedly) being so fast to condemn the "old folk". Even if you don't agree with their style of writing or their attitude, they have experience (inside the community, of course) you don't and know its issues quite well.