> Is it just me?

I'd agree with AnnaS. You can't expect those younger than you to learn all the same things that you learnt - or do we really want to be treading water. There is, as Bill points out, so much more information at our finger tips now, and turning that into knowledge is pretty daunting. I don't think everyone needs to have read Shakespeare to find his or her way. I'd even say (cynical as I am) that many people who *have read canonized literature gain little more from it than the ability to sound in-the-know when Milton comes up in conversation, rather than actually finding any depth in it - see WordWind's former student's comment.
There's little point in studying thousands of books fleetingly in my eyes - they will often yield less than the prolonged study one book. Studying very little material can bring much wisdom. Alternatively studying too much makes idiot savants. If one supports the teaching of the Canon one should remember who made it, who is included, and more importantly who isn't.
Isn't it Beowulf, btw?