There's a lot of good metal still out there but you know what gets me? These incompetent producers who get off by compressing everything to the point that either the guitar is playing or it's not playing; it's black or it's white and they removed all the shades of grey inbetween.
I guarantee you classic albums like Powerslave, Seventh Son of a Seventh Son, Screaming for Vengeance etc would not be the same with one of these modern-day b-rate producers, and a lot of newer music suffers from the same bad production.
Still though, there's plenty of great metal, it's just poorly produced these days.