The reason a vintage bike like a 490 doesn't dominate the local scene is multi-layered. First, you're not allowed to compete with it, because the 500cc class is mostly gone, and old 250s are at a genuine disadvantage on new tracks. But when you do get into 500cc competition, you say it's dominated by new AF bikes, and the reason for that is very similar to the reason that some riders still choose a 250F when they could have a 250 2T in the same class. The AF bikes are new, flashy, and covered with pointy plastic bits. Let's say, hypothetically, you show up with an old bike that's identical in performance to new bikes (and I must stress this is a hypothetical). You still have a disincentive to do this, because you'll be so far outside of the crowd. It'd be like showing up with an off-brand bike. "What the hell's wrong with this idiot?" The CR500AF conforms to the crowd with all the trendy things that don't mean much, such as bold new graphics, aluminum frame, upside-down forks, and the all-important bold new graphics. The biggest advantage it has are the disc brakes, and it's been shown on TSM that there's nothing keeping a man from putting those on his 490. Water cooling can be had if you're willing to get an '84 M-Star, and monoshock is available from '82 onward. And I'm still curious to know precisely HOW the Maico suspension is inferior, besides the classic new = better assumption. I'm perfectly open to someone with in-depth suspension knowledge showing that true progress has been made, but it has to be backed up. And in terms of the motor, I haven't heard anybody who's ridden both bikes and thought a CR500 had a better motor. When a magazine compared the brand new (at the time) '91 CR500 to the '81 Maico, they flat-out said the Maico had more usable power.
Of course, even the best bike in the world doesn't guarantee victory; it takes a good rider. Here in the northwest, there are tons of 490s that compete in evolution, and few of them make a spectacular showing. Few of them ever have proper, "elbows-up" riders, either. The one guy who did know what he was doing, though, wiped everyone out. No one touched his lap time.
Sorry, John, for taking this so far off-topic. But I'm having fun!