Are Modern Doctors Underqualified?

Two posts in two days, I know, whats going on?
Recently I've been wondering if in the past few years medical training has become watered down, leaving junior doctors less medically and scientifically astute than in previous generations. I have no personal basis for comparison, of course, I'm only 21 and didn't happen to train in the 1960s in a past incarnation. But I know what the older doctors have told me, and I know what I've read in books and newspapers, written in jest or not. It seems like gradually over the past ten years or so medical school has been transformed. It used to be a industrial-age workhouse of penniless, sleep-deprived students who spent hour upon hour on the wards, seeing patient after patient in an endless drive to widen the scope and clarity of their medical knowledge. When they weren't at the hospital, they had their heads conveniently shoved inside a textbook. And junior doctors had it just as bad, working 50 hour shifts (honestly) for very average money and even less respect.
Nowadays, at least in my opinion, it's gotten easier. We still work very hard, it's true, but it doesn't seem like much compared to back then. If I fancy an afternoon off, hell, even a week off, I can make excuses and nobody will hold a grudge. Exams require 50% marks to pass, and although we revise like crazy and take them seriously I can't help thinking that they aren't hard enough to discern us as good enough for the job. And from me, always hard working but occasional a failing student, it means something.
We have a wider scope of subjects to learn about these days though, but many of these subjects, like communication skills, lend themselves to exceptionally easy exam questions and no form of efficient learning process. In turn, we learn less about the bread and butter of medicine, common diseases and normal physiology.
Why do I care, you might ask. Of course, it would be easier for me to become a doctor today than it would have 50 years ago, and not just because today's government makes it much easier for student from average-income families to progress into higher education. But if I had to choose between being a grossly under qualified doctor or not a doctor at all, I'd have to side with the latter.
I feel like I've missed out on an era, on a brotherhood of silent suffering, but suffering rewarded by feeling like you'd really achieved something. I feel like I'm drifting through medical school, and that the effort I do put in is simply optional at times.
I might be wrong, I hope I'm wrong, maybe medical school is as hard as it ever was and I just happen to not be feeling the stress of it all. But it doesn't seem likely.