This is a very narrow definition of modern animation, even if you're only taking into account mainstream animation. It becomes downright insulting to all the great artists of today if you count the independent and foreign fronts. This kind of attitude comes from a complete misunderstanding of all that animation is and can do when used as an art form for film. Animation is not a genre, it has no rules to pigeon hole itself purely into family friendly comedies.
On the mainstream front, I would say that both Disney and especially Pixar have put out plenty of amazing film with great storylines, memorable characters, and plenty of heart. The overuse of CG can get tiresome at times, but the style of animation shouldn't detract from the things that make most films great.
Outside of the mainstream, hand drawn and many other styles are still alive and well. I've seen more amazing efforts in the past ten years than almost any other stretch. The 80s was certainly the last time animated films were so strong, but I can't help but feel too many remember the wrong films. I like Don Bluth, but he tends to be overrated by his fan base. He's made one, maybe two, great films, two okay films, and a barrage of mixed bag films. Now I know he and his fan base will blame everyone from Steven Spielberg to the studios Bluth and Goldman worked for, but a true artist should be able to rise above any complications.
In conclusion, just as with anything like music, tv, and other films, animation didn't die off at some point. There is no "good old days", there is only different eras. Each era has it's strengths and weaknesses, but they all have something wonderful to offer. Whether it's the public treasures or the hidden gems, animation has and will continue to excel as an amazing and wonderful art form.
"If life is getting you down and needs uplifting, then please come dance with me!"
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