There have been many movies with better special effects since The Wizard of Oz came out in 1939. The Phantom Menace has superior technical effects to A New Hope. The English language has changed since Shakespeare. Instruments have been invented since Beethoven. Graphics have improved since Tetris and Pac-Man.
An "all-time classic" 1) has little to do with the technology that produced it -- true classics are timeless, and 2) cannot be determined at the same time that they are released.
Shakespeare was not considered the greatest playwright ever when he was putting his plays on; in fact, it was felt that some of his contemporary rivals were even superior. "Teh greatest evar!!!" will have to wait for a while, when we can look back on things. River City Ransom, overlooked at release (though not by me :), rated a 9 from IGN in its recent VC release. That's how we do it.
So far, OoT has stood the test of time. GTA4 may do the same, but it's too early to really know.
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