If you set out to build a practical UI from first principles using 1995 technology, I think you'd end up with something a lot like Windows 95. It's like a checklist of all the things we should be doing.
Luminance contrast is used to create a hierarchy of importance. Most backgrounds are medium grey, so that all text and icons are low-importance by default. Text fields, dropdowns, check boxes and radio buttons are black-on-white: a subtle call to action. Window, button and scrollbar edges always include pure white or pure black. Active toggle buttons have a light grey background, sacrificing the "3D shading" metaphor in the name of contrast.
Most colour is limited to two accents: pale yellow and navy blue. Small splashes of those colours are mixed together in icons to make them recognisable at a glance. Deactivated icons lose all colour. The grey, yellow and blue palette is highly accessible for colour-blind people, and the yellow and blue accents also occupy unique points in the luminance space (the yellow sits between white and grey, the blue sits between grey and black).
Despite all of this restraint, the designers weren't afraid of high contrast and high saturation; white text on a navy blue background shows up very sparingly, always as a loud "YOU ARE HERE" beacon. The designers understood that navigation is more important than anything else.
The graphics are strictly utilitarian, with no unnecessary texture or visual noise. The entire UI is typeset using just two weights of 9px MS Sans Serif. The only skeuomorphic elements are some program and folder names, a tiny resizing grip at the corner of each window, and a simple simulation of depth when push buttons are clicked. 3D edges are used to make the scene layout easier to parse, not to make it look physical or familiar.
Related components are almost always visually grouped together, using borders, filled rectangles and negative space. (I suspect the designers would have used fewer borders and more fills if the palette of background colours had been a little larger.) Dark and light backgrounds are freely mixed in the same UI, which requires both white and black text to be present. The depth of recursion (boxes in boxes in boxes...) is fairly shallow. Homogeneous collections of components are always enclosed in a strong border and background, which enables sibling components to be displayed with no borders at all between them.
All of these tasteful design choices were fragile, because you can only preserve them if you understand them. Windows XP made the background colours lighter, which reduced the available dynamic range of luminance cues; it tinted many backgrounds and components yellow or blue, which made chrominance more noisy; it introduced gradient fills and gradient strokes, which were less effective at grouping components; it added soft shading to icons, which made their shapes less distinct; and so on. Almost every change broke something, and so after just one major revision of the UI, most of the magic was already gone.