When I was growing up, as I mentioned in another thread started by TWSS, I was listening to Elvis, Buddy, The Everly Brothers etc, as well as a lot of blues - Big Bill Broonzy et al., so as I hit my late teens, it was all about the Stones, the Beatles, the Doors, the Who, Jimi Hendrix etc etc etc.
So much good music in those days. We were spoiled for choice.
That lasted until, oh, the late 70s, I guess. From that point, for me, it was all downhill. It was like the music scene had run out of energy, and most of what I was hearing was real dross. I kind of withdrew from the popular music scene and got into classical and jazz more. I'd basically given up on modern music.
However, my youngest daughter (who is now 21), who spent her youth borrowing my albums (Hendrix, Love, Free etc) a few years ago started burning and sending me recent stuff that she was into, and it has re-kindled my interest. There really are some great bands out there from the past decade. Bands like Massive Attack, Placebo, Beck, Sneaker Pimps / IAMX, Dreadzone, Moloko, Lamb, White Stripes / Raconteurs to name but a few. They are fresh and original.
So sure, the stuff you hear played on the radio is mostly forgettable dross, but all is not lost!

There are still people out there making good music!