Maybe. But there was low-hanging fruit well into the late '90s (and remember that SQL Injection, the "ultimate" low-hanging fruit, is also a late '90s bug) --- but after the 8lgm stack overflow mania, there was a decisive shift towards using memory corruption to take over machines directly, rather than (say) overwriting strategic files on target systems with NFS bugs.
Very True. Smashing the stack for fun and profit? That was the first interaction I had with more advanced techniques anyways. I read it as a soph/freshman in HS (97 or so I think)? Timing seems to be close. That could account for the explosion at least; I don't have any theories on the "dead" period.
I'm happy to give Elias credit for a big part of the shift, but the reality is that first x86 exploit was published well before that Phrack article, and people quickly repurposed it. (I'm a little biased here, since the author of that exploit is a partner of mine).
The vulnerability research community in 1995 was very close-knit (not tiny, but you could fit them in a hotel banquet hall for Summercon), and they worked pretty quickly to educate each other about the attack.
