I think it is, in north america at least. I know there are some bands that are still doing their thing (Iced Earth, anyone?), but they don't seem to have large followings...
Now Europe...that's a different matter altogether. I "discovered" metal a year and a half ago when I heard "The Rise of Soddom and Gomorrah" by Therion. Ever since then, I have not stopped exploring metal and europe (most notably Scandinavian countries) seem to have an abundance of amazing metal bands - everything from highly progressive metal (heavy metal with chellos anyone?), neo-classical metal (mixing full symphonic orchestras with metal bands), doom metal (the lovely Angelic Voice/Death Metal Growl combo), to good old fashioned Heavy metal, death metal and black metal.
I've been exploring for over a year now and I still haven't heard a third of the artists I want to hear. And I just missed Lucana Coil when they were in TO a few weeks ago.