Having seen both the original and the most recent revival (by the time it got to LA), I have to agree that despite the beauty of the most recent sketches, there really was no comparison between the costumes for the ghosts. (For one thing, the ghosts in the revival didn't seem 14' tall, as they did in 1971.) In the original, the ghosts were clearly ghosts; in the reveal, one might have mistaken them for actresses Waxman had hired to dress up his party.
Part of the problem wasn't the costumes themselves, but the set. The original set often moved as the ghosts walked, making the entire image dreamlike, even "ghostly". In the 2011 revival, the use of an essentially empty stage left the ghosts to cling to the back wall in the dark, where it wasn't entirely clear whether they were ghosts, party decorations, or ladies who had the bad taste to show up in their old outfits.
That said, I don't agree with those who deem the 2011 revival a disaster. I can't speak for Broadway, but by the time Victoria Clark sunk her teeth into Sally--especially by the end of the LA run--the result was not just moving but devastating.
P.S. to Wilmington: you are seriously misreading the ending of FOLLIES. The fact that Ben cries out for Phyllis and she is instantly at his side IS the resolution and it is not at all hopeless. The two have finally set aside their defenses and admitted their need for one another.
Buddy and Sally end with more ambiguity, if only because Sally seems so deranged at times. True, she says, "There was never any Ben for me." But who knows what she will say five minutes later? IIRC, the staging in LA for the 2011 revival did NOT suggest a reconciliation with Buddy was likely.
But in either case, the characters are hardly going to home to "wait to die", as you put it. Their futures are uncertain because they know they can no longer count on plans they trusted in their youths.
As for FOLLIES being "about the death of the Golden Age", that's a very academic point of view, one I might have written myself while in college. But one could make the same argument for GYPSY, that the decline of vaudeville is simply a metaphor for the decline of the R&H-style musical. I strongly doubt that such meta-theatrical themes were on the minds of any of the creators of these shows. Because in the end, one cannot stage or act "the death of the Golden Age"; one still has to stage and act characters in a dramatic situation.