There are no absolutes. There are strong classic lenses and weak classic lenses in the same way there are strong modern lenses and weak modern lenses. Often an old classic manual prime can beat the pants off a modern kit-lens zoom.
Pentax Lenses - Pentax Lens Reviews & Lens Database is the best way to gain insight into which old lenses are great despite their age.
Beside the strengths and weaknesses of specific models of lenses, both modern and classic lenses can suffer from copy-to-copy variation but for different reasons. Modern lenses can suffer from decentering -- the tolerances in plastic parts and complex optical formulas make it hard to make a perfect copies every time. Classic lenses vary in the life history with some copies suffering more abuse and dust than others.
Older lenses do tend to have two inherent weaknesses:
1) flare resistance: compared to older lenses, modern lenses with modern coatings (and less accumulated dust and haze) are much more resist to flare. That said, a good lens hood and some care avoiding direct sunlight hitting the lens can avoid most flare problems.
2) performance of fast aperture lenses at the fastest apertures: Modern f/1.4 lenses can be quite good in ways that older f/1.4 lenses are not. Advanced materials, aspheric elements, and more complex optical formulae help modern fast lenses control aberrations in the corners. If you need a good, fast lens for astro, get a modern one. That said, if you tend to shoot at f/5.6 or narrower, classic lenses often provide great performance.
Finally, the one big strength of classic lenses is that they are often available for a very modest price (except for some coveted rare collectors-item lenses). For less than the price of lunch or dinner at a restaurant, one can pick up an old classic lens, have hours of fun, and find out just how good those older, slower primes actually can be. Plus, a lot of classic primes are tiny so it's easy to carry a bunch of lenses.