Since the days of knob-and-tube, a lot of experience has been gained from a
safety standpoint. Many changes have been made to the electrical code which
make things a whole lot safer. And the safety aspect means protection of
life and property.

Over the years there have been fires and people electrocuted for this or
that reason. Then the electrical codes have been changed to prevent these
things from happening in the future.

With that said, the safest thing to do would be to re-wire the house to the
latest electrical codes.

Also many years ago they did not have the electrical needs we have today. So
there is the daily pain in the you know what factor. Not enough outlets,
many rooms on one circuit and not enough capacity. Old outlets where you
need to jiggle the plug in the outlet to get it to work, etc.

Having all new grounded wiring and plenty of outlets/capacity can make
day-to-day living a whole lot more pleasant. It's nice to have outlets where
you need them and not need to jiggle the plug to get it to work.