Yep. It's pretty sad that nothing better has come out yet, but it is what it is. The devs seem to think that everyone wants games with over the top graphics, and a million things to do, but those games die as soon as the next one comes out.
CS and CS:S are still going strong because the gameplay is very simple, yet very refined. The way the game plays is nearly perfect (hitboxes could be better in source, but meh), and the entry barrier is pretty low. Unlike COD and other new FPS games, you don't have to unlock weapons; you can play with them as soon as you get enough kills to have the money to purchase them.
I also really don't like the way that these new shooters keep pushing to have more and more realistic environments while sacrificing gameplay. The maps in CS are closed in, small, mostly linear, but they just work. The maps are small enough to be learned quickly, but large enough to allow for multiple points of entry, and multiple hiding spots, but not so many hiding spots that you never even see the guy that shot you (I'm looking at you COD). There's no shit in the middle of the road to get your player caught on every two feet (I'm looking at you again, COD). Games like COD and BFBC2 seem to think that you need an infinite amount of detail in each map, so much detail that you're literally tripping over it.
All in all, CS is pretty much the perfect blend of an arcade shooter and a realistic shooter. It doesn't try too hard to be either one; it makes its own place somewhere in the middle, and it's great.