Graphic's don't mean a thing to me aslong as the game is fun to play, these days its more like watching a DVD than actually playing a game, The Technology consoles use today wasn't around in the late 90's so of course the graphics are better now, just because the graphics are great, doesn't mean the game is good.
Story wise I have to disagree with you mainly because the story is pretty dumb, A virus that can be used to transform a person into an exact double of another person, sounds alot like the plot from the Bond film Die Another Day. Also this whole "The Family" story sounds like a rip off from the Patriots from the MGS series.
With the online it's obvious since the consoles didn't have the ability to use the internet, also none of the classic games were 2 Player so it wouldn't of mattered anyway. I also liked playing the game alone, it makes it more scary knowing your on your own with no one to help you.
Length wise again I have to disagree, The modern Resident Evil is just following a set path, there is never any back tracking, just follow a road and kill stuff with plently of supplied ammo, in the classic games on a first time playthrough it would take a long time to complete since some of the puzzles were very challenging also it was never perfectly clear where you had to go and ammo is slim so you couldn't just rush about and gun everything down like you could in the modern games, I'd say they were about the same length wise.
This is my opinion, I'm not trying to force it on anyone, this is my own thoughts on the subject :)