As processor speeds continue to creep up and memory becomes even more abundant the need to be efficient in terms of cycles and memory decreases.

That's a dangerous thing to think. While it is true, to some extent, you have to be very careful that you don't become less efficient faster than the machines become faster. Otherwise you end up with software whose newer versions run slower than the older versions, even with hardware upgrades.

It's also a dangerous thing to think as you quickly end up with software that won't run on older, or even current, machines for no particularly good reason. (Burning time and memory to give you more time to play Warcraft is not a good reason)

And, of course, thinking "my time is more valuable than any computer's" is incorrect for a not incosiderable number of programmers...