It hasn't changed a great deal since I've involved myself in it, but from what I could tell, it could be better, and it could be much, much worse.
Like Henrik said, there's a serious oversaturation of the whole scene. This has good points and bad points; on one hand there are lots of bands for us to listen to, but on the other hand the whole scene is spread thin. In the mid 90's, Earache went into their weird techno phase and pretty much stopped signing the death metal bands that put them on the map to begin with, mostly because Digby Pearson lost interest as a result of pretty much all the bands sounding basically the same.
Now, what we're referring to here, the whole metal scene in general, is much more complicated than the death metal scene 10 years ago - there are many different styles and it can certainly not be said that Blind Guardian sounds like Anaal Nathrakh. But of those hundreds of thousands of bands, how many are doing something new, and of those, how many are able to get their name out among the other masses of bands?
I read in a recent interview with Varg that in the beginning of the whole Norwegian black metal scene, they all tried as hard as they could to be something different. Euronymous called Darkthrone and Burzum black metal bands and the label stuck, but then Immortal was "Holocaust Metal" and they chose their cold/ice/tundra/winter lyrical theme partially due to the fact that Satanism and Norse mythology and stuff were already taken. It wasn't until the scene got too exposed to the media and people wanted a piece of that that everything was being referred to as black metal (or so I understood from the interview) and until then, everything was totally original. Varg went on to inquire as to why anyone would want to create the same music that someone else already had (and that if he picks up music again when he gets out of his cell it wouldn't be metal at all because it's already been done and is being done now).
On the other side of the metal world is the above-ground, if you will; the MTV metal bands. This scene's been getting a little better as of recent, like Final_Vision said. There are actual decent bands out there now, and bands like Limp Bizkit's popularity is continually waning. Slipknot still retains their poularity, but they're not abusing it like they could and they are putting actual thought into their music now. Though I think there's still a long way to go before we can walk into a Hot Topic and buy a Biomechanical CD or turn on VH1 to watch a Behemoth video.
I had a good point, I swear. Maybe I'll think of it later.