hard to say. the funny thing is, whenever I ask for recommendation from certain genre, it's mostly bands from 70's that I get. if someone asks you for some prog. rock bands, would you mention any of the new bands from same genre before Pink Floyd, Yes, King Crimson, Genesis and Zappa? I look at my favourite artists like Waits, Cohen, Cash, Cocteau Twins and Pink Floyd and I struggle to find anyone who is even close to them. doesn't necessarily mean anything, though.
some genres are in better state than ever, though I'd argue it's mostly because they are new. Massive Attack and Portishead are still active bands and they are BRILLIANT, but it's not like they had any "competition" in past. I often put them on the same playlist with Bjork, who is also active musician. trip hop is pretty modern genre so it's hard to compare them with anyone from the past. same goes for post rock/metal bands, drone and many electronic subgenres.
I also like ambient music and even though almost no one can compete with Steve Roach or Tangerine Dream, there are enough modern ambient bands that aren't worse, just different. I absolutely love Shpongle which is much more than just an "ambient" band, Boards of Canada, Carbon Based Lifeforms, even Dead Can Dance can be included here... so, I'd say there are more variety than ever in electronic subgenres.
it mostly depends on genres, i'd say...