Although it was low tech I had to work harder at getting things right which kept me on my toes and your right the hiss was bad. I got me one of those new fangled DBX boxes(in the day) and it helped some.
These days it's matter of looping and Quantizing so no need to rerecord a bad take. Although I'm more happy with the results these days I still Romanticize about how well those old sessions came out when compared to some of the stuff I put out these days.
There ARE some great tools available these days no doubt.