The speed of light sets a rigid limit on this knowledge of distant objects. There appears no chance that we can see anything quicker than the time it takes light to reach us. This too is Einstein.

The nearest separate galaxy (that is, not part of our own Milky Way) is about 2.5 million light-years away. So we see that as it was 2.5 million years ago. But the universe seems to be about 13 billion years old, so we are seeing Andromeda as it was at 99.98% of the age of the universe. That's not so far back.

The brilliant thing about this is that it lets us see different sizes and ages of stars and galaxies all at once. That lets us understand how they evolve - their life story. It's a bit like trying to work out humanity when you can only look at your school class-mates - all one age. If you meet a family - babies, teenagers, parents, grandparents - you can figure out how people grow and age much better. If we had to wait to see how particular stars age and decay, mankind would be over before the show even started.

I agree with Paul that it's not at all bad to watch old stuff, but I also share your feeling that it's a pity we'll never see anything really new...