The Pace of Movies: An Observation

Movies these days are very fast-paced. Terminal velocity of course is reached in action movies, where the pace is an essential defining aspect of the movie. Movies from earlier times are slower, even the ones with a lot of action in them. The slowness was part of the build-up, the atmosphere. Look at a Clint Eastwood western, for instance. High Plains Drifter is a prime example, the movie starts with a man riding into town and this is shown for about three to five minutes before anything else happens. Was it effective in building atmosphere and anticipation in the audience? Perhaps. I'm not sure, what d'you think?