For the most part yes the default kernel for a distribution is generic usually coming in 386, 686, k7, 64bit and what have you. I have never seen much improvement in making hardware specific kernels or software in general though many people still do it. If you think compiling for days just to get mild performance increases is what you want to do there are many distributions made around that ideology. I would suggest Gentoo.
One thing is for sure, configuring the kernel is a butt load easier then what you remember.
Here is a quick run through:
Gentoo Handbook