The big difference is just the design and technology of the engine.
A big difference is the improvements in engine control technology. Computers these days in cars can run the most advanced spark timing the gas allows can thanks to knock sensors which makes for the most power and complete burning of fuel. Fuel metering is also better controlled with modern ECU's, so that when you are simply scooting along in traffic, or cruising on the highway, the engine uses the bare minimum amount of fuel.
Other technologies like sequential fuel injection along with coil on plug ignition makes for very controlled engine conditions.
Then there are other things not so directly related to the engine, like electric power steering, electric engine fans, lighting systems that draw less current (HID's and LED's) and variable output air conditioners.