Let's have a look at the mighty European Champions that you beat on your run to the cup:
Valur (who?)
Dynamo Berlin (on away goals)
Dynamo Kiev
Anderlecht
Bayern Munich
IMO, the current format is harder to win. Look at the knockout stages from when Liverpool won it in 2005:
Bayer Leverkusen
Juventus
Chelsea
Milan
Only one less knockout round as well. Don't get me wrong; what you and Forest did was a great achievement but let's not pretend it was harder to win then just because you had to win your domestic league to be in it.