I think everything up to Powerplant is good/very good, after that there has been somewhat of a decline. Land of the Free II was a huge disappointment for me, even if it has its moments. What sometimes bothers me on the more recent albums is the lack of originality/outright plagiarism. For instance, Dirk Schlächter more or less stole the chorus from We Are The Champions for his "Time for Deliverance".
I think I only really followed GR up until No World Order, which was... 2001 maybe? With that said I did download LotF II, but there were only two songs I liked off it - To Mother Earth and Real World. Weirdly I really like those two, but didn't care for anything else on the album. I 100% haven't listened to anything past that point though. There were a number of disappointments in 2007 which really put me off power metal for a while. LotF Ii wasn't particularly good, Freedom Call's Dimensions was fucking awful, Sonata Arctica's Unia was a joke, Masterplan's MK II was a significant downgrade on their first album, Iced Earth's Framing Armageddeon didn't interest me, neither did Symphony X's Paradise Lost... so many disappointments from bands I loved in one year. Tough to take.
It wasn't all bad though. Altaria released Divine Invitation which was an awesome compilation album, Visions of Atlantis put out Trinity which is an amazing album, and Turisas produced The Varangian Way which I really liked. Dark Passion Play by Nightwish was good too, although I don't know if that counts as Power Metal.
So perhaps not quite as bad as I remember but still a lot of disappointments which definitely put me off the genre as a whole for a while.