I've said it many times before, but the best stuff I've heard in recent years has been underground or from another country. I'll admit, much of the reason I feel the way I do relates to nostalgia.
I was probably one of those "4 elements" kids before those types officially existed. I'm perhaps the one of the few people old enough to remember the "party hits" and the "gimmick" songs of the early 90s and not know a single lyric to those songs. I couldn't recite the lyrics to "Summertime" if my life depended on it. At that time in my life, hip-hop had to be either "raw", "hard", "real" or "mentally/politically deep" just like the hardcore punk or death metal I was fucking with.
I couldn't fuck with the "party" jams at the time. The only "happy" or "party" stuff I fucked with was in the early 80s when the "planet rock/kraftwerk" sound was popular.
Back then (early to mid 90s), you had a choice and didn't have to go deep underground to find good music. To name a few: Poor Righteous Teachers, Wu, DasFx, Souls of Mischief, the Goats, Yall So Stupid, Geto Boys (and their solo releases), Redman, Lords of the Underground, Brand Nubian/Grand Puba, Dre & Snoop, CMW, DJ Quik, Boss, Black Moon, Cube, Nas, Cypress Hill, Lords of the Underground, Fat Joe, Tribe Called Quest, Eazy-E, NWA, E-40, Celly Cel, Too Short, Ultramagnetic MCs, M.O.P., Mobb Deep, Pac, Biggie, Pete Rock & CL Smooth, ONYX

, Naughty By Nature, WC & the Maad Circle, X-Clan, Pharcyde, Guru & Gangstarr . . . I could go on and on. All of those groups had different styles and if one didn't appeal to you, another one might. One thing they all had in common is that they didn't sound like they fed on a steady diet of lead paint chips as kids (cough! Gucci Mane cough!).
Today, it's too saturated and the choice seems limited if you're dealing with mainstream stuff. Anyone with a USB audio interface, a cracked copy of FL Studio, and the ability to string together some "A-B-C" rhymes can be a "rapper" these days. When Myspace was THE social-networking site, there was page after page of "rappers". To find a few gems among the mountains of shit could take several hours at a time.
The entertainment industry has done to rap what it's done to every other genre of music -- that is, dumb it down to make it palatable for the mass of idiots out there. They found a formula that sells records. Unfortunately, that formula requires the music to be either vapid or stupid as hell (I guess hoodrats are faithful consumers since that's what alot of it seems to appeal to).
That's just my take on it.
Oh, and Tuck, good post. Much of it does ring true from a un-biased standpoint (something I can rarely ever do when it comes to music).