Hard to say. There are some great musicians out there, though the market for bad music has certainly increased, and the number of those making it has followed suit to meet the demands, unfortunately
I'd say in order to achieve really legendary status, a musician / band would have to be exceedingly popular. The bands receiving critical acclaim today, however, are the obscure ones making good music. Quickly-forgotten ditzy teen-bop, on the other hand, is what has really captured the public's attention... for the next 10 minutes.
I'd have to side with "No". Some good bands like Dream Theater or Tool may continue to have a small following among music enthusiasts, along the lines of what Iron Maiden and Metallica currently enjoy (yeah Metallica sucks now, but they did put out 4 phenomenal albums, you can't take that away from them), but nothing of grand stature, like the Beatles, etc.
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