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We can never return to the 90's. Current crash-worthiness standards in the US require too much metal to allow it. Compact is about as small as you can get in the US before you hit the law of diminishing returns.
I don't consider increased safety a bad thing, but to comply with both safety and CAFE standards, I don't think you can get around having to use some sort of hybrid technology, whether it be electric or hydraulic/pneumatic.
That being said, a lot of improvements have been made in engine and transmission technology. It is not unusual for mid-size cars, like the Nissan Altima, to get in the high 30's, combined, and over 40 on the highway. A lot could still be done, as has already been suggested, to tweak those numbers toward 50 mpg without hybrid technology, but I don't think we can solidly get there without it.
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