As a 26 year player, my participation has, like my life. changed. As a squarely middle aged Dad, I play in one league that I've been in since the beginning- a ten team, standard scoring league that has essentially had the same core group of owners. We all started as 20somethings sans wives and kids. Now, we are all married (some for the second time) with kids. We gather in person for a long weekend for our auction, hang out, eat good meals and have a few drinks.
In my earlier days, I played in as many as eight leagues of numerous formats and $ buy ins. VBD and projections, along with a fair amount of college football viewing was how I prepared. Now, I follow the flow of information, listen to a few podcasts and perhaps spend a few hours right before the auction putting together my big board. (Of course- this is primarily driven by outside sources that I trust.)
My time and energy lies in other places now- but I still really enjoy the auction and the season.
Honestly, the flow of information is so robust, you can get every analytic piece you desire in short order. You used to have to grind it out, listen to preseason games on the radio and follow team reports super closely to gain any type of advantage. Of course actual winning comes down to how you actionize what you learn but there is no shortage of sources.
My bottom line has not really changed, I've probably won a bit more that I've lost over the years, but not in any significant way. My league tracks all time winning percentage, I'm at 58.4% over 25 years, which is the best overall, with the worst player at just over 41%. The 17% differential between top and bottom, over a 25 year period, is not huge.
At the end of the day, it's about having fun, getting together with longtime friends for a weekend, and having bragging rights now.