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Okay, maybe three: Melody, hooks, and theatricality. Three things that are completely MIA in today's popular music. Using these ideas as pop music standards and noting the way ABBA used them, its pretty hard to get worked up over something like Rhianna's "Umbrella" much less Daughtry, Matchbox 20, or Leona Lewis.
Oh, and funny you should mention the Sex Pistols...Johnny Rotten has gone on record as "loving ABBA".