I think Kaladorn summed it up pretty well.
With the additions as follows, as one of those Grognards, I see it thus, also:
Since CCG games killed of most of the roleplaying hobby stores, and smaller companies...
also, combined with the fact that .pdf scans via Kazaa, and BitTorrent scam money from rpg book publishers, (Yes, i realize Drivethru sells .pdfs also, sure) games are moving to minis, which can't be scanned easily and given away.
Lots of people who back in the day would have done roleplaying like we did in the 70's and 80's, are now FPS gamers, and online gamers, since it is dirt cheap at 15.00 a month to play games like EVE and I guess WoW.
When I was 15, 16 years old, I used to spend easily 20.00 a week, from my job, on roleplaying. So to them, it is cheaper. and less creative work.
And online games are time intensive, so that to be effective in playing it, you play every night, or nearly so, not just every or every other saturday, like most of the gamers I knew did. I mean, TV was the thing, or schoolwork. Gaming was the fun as hell thing I did on Saturdays, when people could get a ride or take the bus across town to meet up to slay an orc tribe.
Combined with not having to generate a scenario, it makes it easy these days for younger guys ..and girls to log on to online games, and blaze away.
The same might be said for roleplaying, as a player, less work.. but with no referee - no game.
Though, since I came up from wargaming AH, SPI, VG, and other companies, and then moved in to roleplaying, an online game is not ultimately satisfying, to me. I need a story, and plot.
I read a study that said that kids in high school can't be bothered to read, to learn by sitting in class and over 35% surveyed would just quit, if they thought they could swing it.
A subset of these are the people that would have been roleplayers, and writers. I think it is just that there is not a strong enough development of the creative writing talent and skill in younger people these days in schools.
And a good Referee / DM pretty much has to have at least some writing talent, especially for sci fi games like Traveller, and oh, Star Trek, and to a lesser extent Star Wars (which relies on action, rather than theme.)
So, I guess what I want from T5 is.. something simply to play, easy to use, that has basic directions, pretty complete on how to generate and run scenarios, sufficient to spark the imagination, such that the younger crowd can find it, the way I found Classic Traveller back in the day, in the late 70's.
For me, personally, yeah, cleaned up rules. But basically a return to simplicity. Too much complication bogs down what I have developed as my storytelling style, these days. Star Wars d6, was a real eye opener for me as to breaking away from the wargamish elements, and LUG Star Trek solidified it for me.
I don't need all the FF&S design rules, none of those numbers matters to me, as the story is the key. I'll say Tank, and Cargo Ship, and War Ship, and be done with it, without all the numbers.
Sorry for the rambling. Those are my constellation of thought on this.