No doubt about it. Edguy has definitely become the side project. Given the draw he is getting with Avantasia, I don't entirely blame him. Even with the last few Edguy albums (including the handful of new tracks on the recent best of collection), his better song ideas are all going towards Avantasia.
I also miss the Vain Glory through Mandrake era (plus Rocket Ride was fantastic!) but those days are long gone now.