I don't know if "modern" would be the phrase I would use to explain why I dislike it.
I think a more accurate reason (for me at least) is that it doesn't look like it has that arcade feel.
Besides dropping in consoles (I have a strong belief that consoles need to be played while you're lounging on a couch), the whole cabinet gives a very "un-arcade" appearance. The monitors are exposed to abuse (not that anyone in a home would), the vent screens, USB ports, side rails and lack of a coin mech all just screams "home use". To me, a big part of the arcade experience directly relates to the industrial nature of your typical arcade cabinet.
It does look nice and it really does fit in with the rest of the decor (as it were). I could probably even convince my GF to let me build a similar cabinet for our living room. It's just not a cabinet I would like to have in my collection.