I, too, was a student in London during 1990. During the summer, which was a World Cup year. I've been back several times since, most recently in 2005. I couldn't agree more that it's a shell of it's former self. I don't want to return.
As a Londoner i have to say that is complete and utter bollox, London is a lot smarter and richer now, The whole of the Thames are for a start.