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The "Modern Viewport" was an option in the Viewport panel that would use the new fancy wire frame code and some depth debugging functionality. This was introduced as a quick and dirty way to get the new drawing system showing in the viewport. Overtime we built a complete Draw Manager system, leaving this original approach deprecated which adds clutter to Blender code since it would be removed sooner or later. Note: The new fancy wireframes and related shaders (white out other objects) are still in Blender code, though you can't use them anymore. If we are to have any of those drawing options they should be integrated in the new draw manager, instead of integrated in the old drawing pipeline as it was originally coded.