I'm interested in the same sort of question. I guess another way of asking it would be:
"To what extent could I expect my game to improve by moving from my older equipment to more modern equipment?"
"At what point do recent technology gains justify upgrading equipment?"
Something like that anyway.
If you have opinions about that, I'd be interested in hearing answers. I'm relatively new to the game (started about 2 years ago, don't have much time to play or practice -- max of one trip to the range, one round per week, but more like two hours at the range and one round every two weeks), and I put together a Hogan set on the cheap:
Hogan C-S3 455 Driver,
Hogan C 455 3 & 5 woods,
Hogan BH-5 irons 3-PW,
Hogan Riviera Wedges (54, 60)
Hogan Bettinardi "The Hawk" putter (BHB 11 HK)
My feeling right now is that my swing is so inconsistent that I could be playing with pretty much any clubs and it wouldn't affect my game much. If I can start to play consistently in the high 80s, I figure I might use that as justification to upgrade my equipment (and maybe do a club-fitting).
I'm new enough to the game that I don't think I really know much, and I'm interested in hearing opinions from those who are more experienced (or just more opinionated) than I am.
So, any opinions for the OP? For me? ...thanks in advance.