In the old days you bought a frame with only a fistful of seatpost showing so the bars could be level with the saddle.
It's a nice puzzle, what it means for a frame to fit a person. Seems to me that what really needs to fit is the spatial relationship between handlebars, pedals, and saddle. The pedals are stuck at a fixed position on the frame but there is a nice range of adjustment for saddles and handlebars. So then the questions become: 1) is it even possible, with a given frame, to get the saddle and handlebars in the right places for a person; 2) with saddle and handlebars adjusted to the person, do other problems arise, e.g. standover but also too much flex, what about stability or shimmy, space for luggage to be attached, etc.; 3) with saddle and handlebars adjusted, how does the bike look aesthetically or stylishly?
For sure, bikes go through fashions. I am rather old school and like the look of the horizontal top tube, but that is quite far down on my ranking of priorities!
Mostly for bike fit the key parameter of the frame is the virtual top tube. The seat tube and steering tube being parallel, the only way to move the handlebars in the perpendicular direction is by changing stem length and/or angle. But this has other consequences wrt steering etc. so it is not so ideal.
Have you all seen the workcycles "adaptive seat tube"? The seat tube is not parallel to the steering tube, so the virtual top tube grows as the seat & bars get raised. Nice idea! Henry Cutler might have a patent on this.
http://www.workcycles.com/home-products/handmade-city-bicycles/workcycles-fr8-universal-frame-as-city-bike