I wouldn't go as far to say that the base definition of the word has undergone any significant change, but I do believe the expectations that go along with the word are adaptations of current trends of the time. To me, when I think of the word modern, I immediately think of social and capitilistic-consumer conformity. But, as I stated, this definition and expectation of the idea of "modern" is merely a product of trends of the day and age I live in.