"Some people in Europe do, indeed, still speak the way the folks in G.E. spoke. In fact, there are some regions where balls are held where people still dress the same way, etc."
Gawd, who told you this, and did they say it with a straight face? If anyone still wears period clothing from the 1800's it's either a costume or part of some SCA type event.
"And, secondly, why does it matter if it is a period piece? Do you think a period piece makes something less important? Or less powerful? if so, you are mistaken. "
I don't. I think Rent WILL be a period piece, but I don't think it can safely be considered as such for another thirty years at the LEAST. If you start shortening the timespan then you're on a slippery slope, and soon anything made yesterday about yesterday could be considered a period piece.
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Hilda, Hilda, wake up! I've invented a maneuver.