There is nothing wrong with using a dated distribution, if you don't intend on changing your usage of the machine. I can imagine people running a local server (not so security critical) for 5 years and still being happy with it. If it ran back then, it will still run now. You also don't necessarily go trying to compile new stuff on servers do you?
Using a dated distribution, and expecting it to be compatible with newer stuff, now that is a different story. The "guarantee" that was made back then when it was released was that packages would function more or less fine with each other, provided they were part of the same release. If you want to use even just 1 newer package, or something directly from source, anybody will tell you that it is more than likely you will eventually have to upgrade. I don't know of any Linux distributions that let you install individual packages from the latest snapshot without requiring you to upgrade a ton of other stuff as well, which ends up performing the equivalent of a distribution upgrade.
This is not just a Linux thing by the way. The difference between Linux and other operating systems is that Linux probably has a much shorter life cycle. You will find the same on Windows. Want to play the latest games that depend on Direct3D 11 and still running Windows XP? Too bad, you'll have to upgrade. Many take it for granted that we are able to "fix" these issues so easily on Linux compared to Windows. Like you found out, it doesn't take that much to make an older system compatible with newer software, if you know that it is possible and how to do it. On Windows, even if you get a new graphics card and stick it in a Windows XP machine, there is still no chance you are going to get Direct3D 11 games running.