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Twain completely dissects the "good ol' days" of Arthurian Britain by exposing the vicious social practices of the time: white slavery, le droit de seigneur, confiscation of property in event of suicide, the complete lack of impartial justice, the degrading influence of the Church on the mass, etcetera etcetera etcetera...
The Arthurian legends are wonderful tales, but they are a mythic literary production; Twain deals with the brutal reality of daily living in the Dark Ages, and points out that the good ol' days were not so good, anyway.
As for its applicability to modern America, I am not fit to judge. Perhaps it's there. But "The Connecticut Yankee" is a wonderful tonic for those prone to romanticizing the past. Twain seems to agree with Tom Paine that the English nobility were "no-ability", and simply the latest in a series of robbers.
And, of course, the book is stuffed with wonderful Twainisms... My favorite is his observation that a conscience is a very inconvenient thing, and the significant difference between a conscience and an anvil is that, if you had an anvil inside you, it would be alot less uncomfortable than having a conscience.
Twain also mentions the beautiful mispronunciations of childhood, and how the bereaved parental ear listens in vain for them once children have grown.
You'll never look at castles the same again...
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