The C++ of 1998 - proprietary and expensive Rogue Wave C++ libraries, MFC, and inconsistent use in industry - was crap and I hated using it then. Since then, widespread practices such as the use of "smart pointers" and container classes and STL have homogenized how C++ is applied. The C++ of 2010 is a quantum leap over the C++ of the 90s.
In 1995 I was working in tech support for C++ vendor.
I was 4 hours a day on the phone dealing with frustrated C++ users.
When there were no calls I was browsing the net and found this tiny little language called Java still in beta form.
After playing with it for a while and reading the Sun's sales pitch I became convinced that Java will displace C++ as the dominant language.
A few months later I quit my job and became Java Consultant

You may call Java 'a churn' but it did wonders for my career. ( I have to admit that I started from very low point. )
In 2002 and 2003 I went back working with C++ ( by coincidence ). I agree with you that at that time the compilers were better and STL was very nice to work with. I would imagine now in 2010 C++ is even better.
I have also looked into Qt and it's nice.
However back in 1995 when people were talking about C++ they actually meant MFC - the so called "Macro Foundation Classes" - and I am happy I ditched C++ and moved on. Java and especially the JVM also improved a lot during the following years. So it's not like C++ was the only one making progress.
Bottom line: I will ditch Java / JVM today if I found other language / platform that is more promising.
Alternatively I will work with C++ on a promising product where C++ is the best choice.
Today I like Scala on the JVM. Not because I expect to get work with it any time soon but just because I enjoy using it. And since all Java libraries could be accessed from Scala - user's investment is preserved. So Scala is advancing the state of the art while it is very practical too.
P.S. I am very aware of the fact that many companies burned millions of dollars trying to re-write their C++ desktop applications in Java during the early years and failed miserably. Corel was one of them. Adobe also had crappy Java version of their Acrobat Reader at one time. This was the real 'churn'.
My personal record is much better - there is a lot of Java code that I have written since 1999 that is still in production.