For one, this is why I rarely listen to the radio outside of classic rock stations. There is a ton of good new music out there, but it's not going to be on the radio.
There is some great new music that can be found on the radio, you just need to look hard enough.
Last year I discovered this radio station in Melbourne that plays many genres of music and even has an audio archive on the net: http://www.pbsfm.org.au/
...and please don't judge too much by what you hear on the record, often an artist sounds much different live...but I have to admit some things would be rediculous live (like that "Friday").
BTW there is this website called http://www.archive.org/
that has these uncopyrighted recordings of live concerts.
So, yes you can still find some great new music, just look in the right place.