Well I say it depends on what you're playing and who's music you listen to.
Anybody recognise this handsome fellow? If not, then you're missing out on some of the greatest video game music, no, just some of the greatest music overall of recent times.
The gentleman in question is called Simon Viklund, and he has created soundtracks for games such as Bionic Commando Rearmed, Final Fight: Double Impact, Ballistics and most recently, Bionic Commando Rearmed 2.
He creates electronic music, and it ranges from typical dancey club songs with banging beats to drum and bass inspired pieces, dubstep, and even a bit of 8-bit.
Here, check out the following song:
Simon Viklund - Power Plant:
Now to me, that is pure bliss. It's just a perfect song. I think the user 'MadMetalSlayer' sums it up nicely in his comment on the video:
"seriously.....i got a boner listening to this"
Now, I can understand why people would say 'Oh, but the classic composers were better' and I can fully understand this. My favourite composers are probably:
Yuzo Koshiro (Streets of Rage)
Masato Nakamura (Sonic the Hedgehog)
Koichi Sugiyama (Dragon Quest/Warrior)
Multiple Mega Man composers
And of course, Nobuo Uematsu (I don't think I need to say, but multiple Final Fantasy games, including FFI - FFIX, bits of FFX, FFXI and FFXIV.
Even FFXII, despite being an awful game in my opinion, had a great soundtrack. It was absolutely brilliant. I discovered most of it through FF Tactics A2: Grimoire of the Rift (which uses some of the same songs) and it's a beautiful album.
I think to say that video game music is no longer any good is pure ignorance; you clearly aren't listening to the right OST's.