Pretentious nonsense, if you don't mind me saying so, Burney. I prefer novels written in my lifetime as I can - unsurprisingly - relate to them more easily. In the same way that Sympathy for the Devil means more to me than Beethoven's 5th.
People who rave about novels/music from days gone by frequently do so because they think it makes them look intelligent and sophisticated.
Not that I'm accusing you of this, of course.
I had no idea what this even was but after googling it (you aren't the only one who can google, Burney ) I am unconvinced re your view.
Firstly, because someone was a champion of something that doesn't necessarily mean they are particularly good at it. Secondly, I loved In Cold Blood but as mentioned, found Electric Kool Aid not only hard work, but in comparison to In Cold Blood it was written much less in the manner described by The New Journalism than In Cold Blood was. It's been a few years since I read it, but as I recall the parts of the book I didn't like were those which moved away from The New Journalism approach. Perhaps Wolfe just got it wrong that once.
Finally, I think you are being mean with respect to your view of him as a novelist. He was outstanding.