Re: "legacy systems effectively impose a debt on an organisation"
That's fine as long as nothing at all changes - and you don't get bitten by Y2K-type bugs. If that 35 year old system's connected to a network, though, you need to consider security - which is exactly why so many places are panicking about SCADA security now, because a lot of those systems aren't as isolated as people assumed decades ago - or they were isolated once, but need to integrate with other systems now.
Can you actually get parts for that 35 year old computer now? The guy who set up your code 35 years ago probably isn't going to be working much longer, even if you can still get hold of him. I knew someone a while ago working on moving a factory control system from a big old Vax with a hundred serial ports (each connected to a different bit of the production line) to a Linux machine with Ethernet-serial converters. (They did actually retain the code, but updated for the new platform.) Of course, he's retired now - and will that code still run properly a decade from now on future Linux systems? Sooner or later, it'll need another update.