I think the talent is still there, it's the production that sucks. One thing I notice about the classic bands (what we all agree to be "good" rock) is that it is SIMPLE! Stones, Zep, Floyd (with some exceptions into effects), Beatles...it's all simple. Too many of today's young bands are at the mercy of producers who want to interject all kinds of crap into what might otherwise be great music. For example, I like MGMT's talent because they have melody and a groove. But too many of their songs are sabotaged by needless effects and stupid bells and whistles. John Mayer (I think he has a very long career yet to come) gets it. Great songs, superb musicianship backing him up, and awesome production values. There are just too few who get it.
Why does most new music suck?
Ok I will have some exclusions to my statement. I'm not talking about classical or jazz. My comment is mostly pointed to rock and pop releases. Don't even get me started on rap.... I don't consider it music. I will admit that I'm an old foggy but come on, where are some talented new groups? I grew up with the Beatles, Who, Rolling Stones, Led Zeppelin, Hendrix etc. I sample a lot of new music and the recordings are terrible. The engineers should be fired for producing over compressed shrill garbage. The talent seems to be lost or doesn't exist. I have turned to some folk/country or blues music. It really is a sad state of affairs....Oh my god, I'm turning into my parents.