Technological advancement, or at least rapid technological advancement, is only a very recent phenomenon. The ancient Greeks had achieved a certain level of technology as early as the time of the Thera eruption (I can't remember the date but it was before 1000 BC I think), but they didn't think in the same way as we do. They could have become more advanced if it had seemed important to them, but they lived and thought differently than us modern folk. Greek mythology is the greatest human achievement so far in my opinion and it is from this and other mythologies (e.g. Norse and Germanic) that the the typical cast of fantasy creatures is derived. I think I'm in a minority here, but for me elves and dwarves, wizards, dragons and magic will never be a cliche. In fact I would rather have lived in a bygone era, though of course I would not have been able to play PC games. I love all sorts of game worlds and settings, though, I just hope that fantasy settings are not jettisoned because a lot of people consider them to have been done to death.
Not jettisoned just more original. Myself I'd prefer games based on the mythology you just mentioned (Norse, Greek, Germanic or Egyptian) just because it hasn't been done as often as the tolkien fantasy.
One game that I'd probably get if wasn't a MMORPG and I'm not signing up for another one is: Dark Age Of Camelot. King Arthur legends is one faction, Norse mythology another and Celtic the last faction.