I think the freestyle/greco rule changes had a big impact on turnout numbers in my opinion (although having more folkstyle tournaments has contributed to the fall off as well). I too for a long time, didn't like the idea of the stepout rule or the best of 3 period format (mostly out of ignorance). It was when I watched the Olympics this past summer that made my opinion do a 180.
The new rules have created more scoring opportunities and the match times are cut down drastically. I remember watching some matches on youtube. pre-new rules. Alot of the times the matches go around 10+ minutes. Now, matches are done between 6-8 minutes. I think quicker matches are good for fans, especially during tournaments.
I'm also of the opinion that freestyle (never really wrestled greco) helps your mat awareness. It helps you learn to keep your hips facing the mat, since exposure points are more prevalent. So if you're tough to turn in freestyle/greco. I'd think you'd be just that much tougher to turn in folkstye. I just wish wrestlers would see the benefits of it and try it out. But then again, this is America and we don't exactly turn on a dime because the rest of the world does.