It's funny, I only watched that Thriller video a week ago. Our minds must be in a similar place Fade....
Time will probably tell that 2012 (arguably 2013 too, though I think the tide is now turning), was the most laughable year for mastering.
In years to come, people will probably balk at the idea of owning a 2012 remaster of a record as it will be known as the year music was most heavily compressed and taken to the absolute extreme for loudness taking all the dynamics out making everything more squashed than it ever has been before.
I think it's just a natural progression as technology has continually allowed us to do more. Living in a digital download age where most of us choose to listen to music via an mp3 player has certainly added to all this. If you listen to an old record through earplugs whilst walking down the street it can get frustrating as it's difficult to hear amongst the noises of daily life, even when the volume is whacked up on full. A newer record doesn't suffer from this problem so much. Though our ears might suffer in the long run....
We've wanted to push things as far as we can as technology continues to allow us to do more, but now we've got to the point where louder starts to make everything quite considerably worse.
The same guy who made the 'Loudness War Vs Thiller' video also did a blog about why the latest Daft Punk album is so popular. He believes part of the reason is because it isn't a loudness war casualty and has managed to maintain it's dynamics.
http://productionadvice.co.uk/daft-punk-mastering/
In an age where everyone is trying to make the loudest record to stand out the best thing we can probably do in this day and age release more dynamic music as this probably stands out even more than loudness.
Overall I agree with what Formant024 has said. Going for louder even to the point of clipping isn't necessarily bad. Some of my favourite records have clipping going on all over the place. There's still a lot to be said for that punk-esk mentality in music mastering. Part of the reason some of my favourite records are my favourite, is because of their obnoxious sound. That being said everything needs balance and I think the scales have tipped too far in favour of very, very, loud. But then sometimes in life you have to keep pushing until you find where the boundary is.