I suppose this also rings true with sleep paralysis as well then. In the past it was the succubus/incubus, a type of demon (or faery, since they are really interchangeable terms anyway, traditionally), whereas now, more often than not they seem to be recalled as alien abductions.
Or could it be more that instead of faeries being extraterrestrials... could it be that the aliens we percieve are actually faeries, their essence altered by our perceptions due to modern media??