Steve,
You're not just an "old fogey", the older music is still the best! Phil Keaggy's first two albums, "What a Day" and "Love Broke Thru" are still my favorite Christian albums of all time. However, I could be classified an "old fogey" at heart, due to my enjoyment of music of the late 60s and 70s.
TK,
I have struggled in finding new Christian music of exceptional quality and spiritual depth. As a musician, there are some Christian bands I respect musically, but unfortunately I find their music to be of little spiritual depth. However, I enjoy when old hymns are put to more contemporary music styles, which I think has a very good possibility of becoming the norm in the future (if good Christian music is to be made). For the past few decades in Christian music, it seems as if repetition and lyrical simplicity is their aim. Unfortunately, when there is so much repetition I find myself struggling to sing along or follow along due to the lack of spiritual progress in the lyrics (Interestingly, but sadly, this type of repetition actually reminds of Eastern mantras).
Also, I tend to classify Christian music with its prophetic power (or lack thereof). It seems that there is often a resurgence of influential, prophetic Christian music at times of spiritual revival (Wesley's hymns, Jesus Movement Music, etc.).
Nowadays, it seems that only Christian hip-hop artists really have that kind of prophetic gifting (although I'm not a huge fan of the style). Unfortunately, some of the styles I enjoy(folk, singer/songwriters) are prevalent in bands with Christian members, but their songs are covertly written about God, in that
they are written in a parabolic format(whether this is due to fear of being labeled "religious", I'm not sure; oftentimes, it is hard to "understand" their songs' meanings even from a Christian's perspective).
I'm sure there are still many unknowns out there to be discovered who are writing genuinely good worship and spiritual music, although I only know of a few.
A few newer artists I like:
Danny Donnelly (worship leader, singer/songwriter, blues influence) - good albums: Solo Worship I, II, and III (solo acoustic)... and "Open" and "Be Filled" (contemporary blues/rock).
Caedmon's Call (pop/rock alternative, mix of worship and spiritual songs, good renditions of old hymns) - I should notify you that they have a Calvinist leaning in a
few of their songs, but it has only affected me slightly, and it doesn't really bother me because they are not overbearing about it. This band is full of great musicians, and they have a Hammond B3 organ player, which is totally awesome, and something I rarely hear in music today.
Enter the Worship Circle (folk rock worship) I like the vibe of this band. (I believe they are no longer together, but have morphed into a duo project with the lead singer and his wife called "Waterdeep".
Jimmy Needham (pop/alternative) - If you've ever heard of a secular artist named Jason Mraz, musically, this guy is the Christian version. I think he writes some great stuff. He said this regarding Keith Green: "When I listen to him [Keith] it's cool because I feel the Lord has given us the same spirit in what we're singing about. If music—especially Christian music—doesn't either cause me to repent or worship, then I don't know why I'm listening to it. And I think that's why I like Keith Green so much. He didn't sugarcoat things." (wikipedia)
Lecrae - popular Christian rapper with a prophetic message.
The Cross Movement - Christian hip hop group with vision same as above
Although I like all these artists, unfortunately I still have yet to hear the spiritual depth that is found in the old hymns. Although those hymns are a mouthful of lyrics, I find that they bring me to the throne of God much sooner than singing "Your love is amazing" 20 times in a row.