Depending on how you take the word classical and it's context, whether it's a misnomer. In this thread I think it's cool because it refers to a style of music, rather than a particular era. When griphon said, bach wasn't classical but baroque that tells any decent mind he's talking about era's. I didn't bring up the era thing so why would I argue it otherwise.

Using Classical theory in modern music gives us Neo-classical music. Using the strict ideas of each era breaks it down into different sub-genres, neo-romanticism, and neo-baroque (malmsteen is neo-baroque to me for the most part). Nothing wrong with using old ideas in new context.

There are no strict laws or recipes for music, only the laws and rules the musician makes for him or herself. (unknown)