On the cost of cameras, if anything, they have gotten much more expensive. It used to be possible to buy a pro-quality film camera and prime lens for less than $1,000 -- so, let's say $1500 in today's dollars. More money might get you features like better auto-exposure, auto-focus or high-speed film winders, but a lot of pros didn't use any of those features, and back in the day when I was shooting sports events at my college, I often had a more modern camera rig than the pros sitting next to me. Digital cameras that give similar image quality as those film cameras start at $2,500 today, and go up from there. It feels like the divide between pro and amateur equipment in photography has shot through the roof over the past decade, with the blanket adoption of digital.
What has gotten cheaper / more accessible is the ability to publicize, duplicate and distribute one's work. Twenty years ago, short of dropping off prints at the local newspaper, there would be no way for an amateur photographer to get her photos under the nose of photo editors at major news outlets. Today, that's as simple as uploading to Flickr.
I generally agree with you with respect to equipment cost although, to be fair, a lot of that difference is offset by consumables. A Nikon F4 may only have been modestly more expensive than a more consumer-oriented SLR but the pro probably shot thousands of dollars more film during a year.
So in addition to distribution, just using the camera has also gotten a lot cheaper.
You don't need brand new gear though: A used Nikon D2x or D300 on a good lens will produce results as good as most pros would get with film back in the day. Those bodies even drive all the old (cheap) Nikkor AF lenses. Total cost for a body and a couple of high quality AF zooms will run you less than $500 on eBay.
If you want to get really cheap, pick up a D1 for $35, a refurbished 55-200 VR for $100, and maybe a 2x teleconverter for $20.
What has gotten cheaper / more accessible is the ability to publicize, duplicate and distribute one's work. Twenty years ago, short of dropping off prints at the local newspaper, there would be no way for an amateur photographer to get her photos under the nose of photo editors at major news outlets. Today, that's as simple as uploading to Flickr.