Despite this I don't necessarily consider myself to be an old school player and this blog has discussed newer games in addition to the older ones. I've enjoyed both flavors.
Reflecting on this has made me think of the transition from old school to new school gaming. In the 70s and early 80s most adventures, at least for D&D, had the slimmest of plots. There was typically a dungeon and sometimes there was a bit of a plot and reason for you to go there but these were usually easily changed. In his Grognardia blog, James Maliszewski has referred to this transition as the Hickman Revolution. Tracy Hickman wrote the Desert of Desolation series of adventures which had a stronger plot than previous D&D adventures - though even at this point I would say that it would be awfully easy to discard much of the background of those adventures. For those unfamiliar with this series, it was expected that the adventurers would unleash a fearsome Efreeti on the desert, later free a Djinn and finally seek out the Tomb of Martek as a way to re-imprison the Efreeti. However, the adventures were centered around fascinating locations that were very easily pulled out of their plots and adapted to other plots - a trap-infested pyramid, an oasis with various factions, a sea of glass, pocket dimensions, etc.
While Ravenloft featured an important villain, I believe the adventure kept a reasonable balance - while the DM was encouraged to play him intelligently and keep him alive as long as possible, he was definitely designed to be beatable. It did have a regrettable ending which gave the PCs the opportunity to watch events unfold, something that would become more common with time.
However, this opened the floodgates into plot-based adventures. Shortly after came Dragons of Despair, the first of the Dragonlance adventures. It featured pregenerated PCs you were strongly encouraged to use, PCs and NPCs were protected from death by an "obscure death rule", and there were certain things players were just not allowed to do. This isn't to say people didn't play the adventures or enjoy them. But it did indicate that a change had indeed happened.
This isn't to say every adventure was a pseudo-novel. But truth to tell, some were. Looking back the biggest offender would be, in my mind, the Avatar series from the Forgotten Realms, featuring the PCs watching gods battle it out with one another.
I think that points to the danger of story-based adventures. Everyone has there own preferences and there are some who just don't care for that style of play - truth to tell I tend to prefer location-based adventures as they are far easier for me to adapt. But... if one is to make a story-based adventure I think the key is to make it without "one true ending" and to avoid at all costs making the PCs observers - the PCs need to be stars, not observers, not puppets.