James Gasik
We don't talk about Pun-Pun
So I just made a new character for 2e. Rolling ability scores- call it 1-2 minutes as I wanted to make sure my DM saw the rolls before I even touched the dice (he said he didn't care, I joked about rolling three 17's, then rolled 2 17's back to back and the last roll was a hard 18: 6, 6, 6, 1 on four dice!).I think the trade off is in speed and fluidity of play. Later editions complexity in both characters and combat rules inevitably slow things down.
Deciding on race. Went with Elf. Adjusted ability scores. Deliberated on cheesy subrace, decided against it because I don't ignore hindrances or penalties. Wrote down racial abliities. Call this 5 minutes.
Decided on class. Fighter. Time taken about two seconds, lol.
Wrote down Fighter class abilities- what Fighter class abilities?
Decided on Kit- Gladiator. 2 seconds. Chose what weapon I wanted to specialize in. Waffled about asking about the long sword (the superior choice), decided I trusted my DM, went with short sword. 2 minutes.
Wrote down all numerical benefits, summarized special hindrance, bonus proficiencies. 1 minute.
Spent remaining proficiencies. Had to look up Two Weapon Style Specialization. 2 minutes for weapons before I realized I need to be proficient in the net and the trident. Looked those weapons up. Realize they're kind of horrible. 3 minutes, mostly due to having to reference the Pin maneuver on the Fighter's Handbook to come to the conclusion Net attacks are made at -4 to hit. Deliberated for about 10 minutes on non-weapons.
Purchased equipment, including clothing, weapons, and so on. 15 minutes. Purchased armor- restricted by kit to cruddy Gladiator armor at start. Had to look rules to figure out price and weight. Spent 80 gp that could have gotten me splint mail for Samnite armor with 1 worse AC. 10 minutes.
Wrote everything down. 5 minutes. Realized I forgot to write down my saving throws. 1 minute. Also forgot to calculate encumbrance, decided I have 18/56 Strength and carry 305 pounds and the single heaviest thing I'm carrying is 35, figured I'm ok.
The point being, I don't see how it takes any more time to create a 5e character than a 2e one. The fact that classes and backgrounds give you preset equipment to choose from including kits that grant basic adventuring gear, plus the stripped-down weapon and armor lists makes the most time consuming part easy.
2e has at least as many race options and more character options in the form of classes and kits, not to mention 1st-level multiclassing, that it blows modern D&D out of the water. Why, just the choice of being a Cleric runs into scores of potential Mythos and Specialty Priest options across several books (the main contenders being Complete Priest's, Legends and Lore, Demihuman Deities, Faiths and Avatars, and Powers and Pantheons, depending on what deities are allowed in the campaign!).
EDIT: forgot Monster Mythology!