Is 80s cinema coming back?

So after watching Paul and seeing the new trailer for Super 8 (both of which pay heavy homage to sci-fi classics from the late 70s/early 80s, especially Spielberg movies) I started to wonder if that magical period of cinema when Lucas and Spielberg were the kings of crowdpleasing entertainment can ever return. I've often said the problem with Hollywood these days is that its lost its sense of wonder, but perhaps that's because audiences these days are so cynical and impatient. Movies aren't even given a chance to build up a sense of wonder and have no innocence to them.
From what I've seen of Super 8, it looks like the kind of movie Spielberg would have made early in his career. It's hard not to feel like a kid again seeing that Amblin logo and hearing the score from Cocoon. If JJ Abrams can channel that Goonies/Jaws/E.T. energy, and audiences respond, he may just be the man who saved mainstream cinema. Or it could be a load of spectacular tosh like Cloverfield. We'll see.

As for Paul, it wasn't on the same level as Shaun of the Dead or Hot Fuzz, but it was fun. The numerous references to Close Encounters, E.T. and Star Wars (among others) were obvious but pleasing to anyone who grew up in the period those movies came out. The cast is great (especially Jason Bateman as a ruthless FBI agent whose true purpose isn't revealed until the end) and the film even tackles some heavy issues about the existence of God. Unfortunately, it seems likely to be ignored by non-geek audiences the same as Scott Pilgrim. But there's something wonderfully subversive about paying homage to classic kids movies by making a movie about a foul-mouthed stoner alien.