I see this sentiment again and again, but the Windows 95 experience I remember included frequent spinning hourglasses, blue screens of death from faulty drivers, everything grinding to a halt when memory is near exhaustion or files are being copied between disks, tons of third party applications (and even Microsoft applications, like Office) that disregarded the Windows UI standards, constantly having to run CHKDSK and defrag, not to mention malware/virus vulnerability...

Latency when the system is under low load was definitely better, although a big contributor to that is changes in input and display hardware. But otherwise I'd much rather have today's "bloated" experience over the real world of the '90s.