Is Web 2.0 design rolling back to the 90's?

What is this web design trend of low contrast pastel text on pastel backgrounds in tiny tiny fonts? Has no one heard of accessibility in good web design? I mean, it's an improvement on neon purple cursive fonts on dark, repeating, non-tiling background images with animated torches bracketing every header tag, but still. It's 2012, folks should know better.

Argh, my eyes. To writers who do this where they post stories? You're reducing your potential readership.