I must say I do not think we live in a society that values modesty. sure being modest is encouraged and is viewed as a positive character trait, but I think we are experiencing a shift. I'll use Twitter as an example, Twitter as it is, is a site fueled by smugness and a sense of superiority. To be active on twitter you need to honestly believe that the possibly hundreds of people that follow you care about your inane thoughts and quips about the day. I realize e I am probably looking too much into this and by extension thinking that you care about what I have to say, And thats kind of funny in a way.
Still even though it is the internet you are still interacting with people that you know and see in real life. Of course you will not be as boastful as you would online but it is a good microcosm( can't really think of a better word) of social interaction.