yeah... i have to agree with markl and Mallow005 that the UK music scene is not all that bad, it's still a lot better than the US rock scene. granted there are less appealing (to me) acts right now compared to the heydays of the 80's and 90's, but there are still some great bands still going:
Doves, Elbow (whom early Genesis fans might be interested in, the lead singer Guy Carvey sounds very much like Peter Gabriel), Ash (who's working on their new album), Muse, Blur (who's still going on strong after winning Q's album of the year with "Think Tank"), Starsailor, Placebo, The Cure (new album due soon,) New Order (also working on new album), Charlatans (they never quit), Manic Street Preachers (neither do they,) and the obligatory Radiohead and Coldplay. there's some great stuff out there, just have to look a bit further than TOTP or the charts.
i agree with Mallow005 that there's a lot of important stuff in the middle. i highly recommend Stone Roses (who's brilliant self titled first album is undeniable and made them household names in the UK), Ride (every shoegaze fan should own "Nowhere"), Suede, Primal Scream (every UK indie fan must own "Screamadelica" and "XTRMNTR"), Happy Mondays ("Pills 'n' Thrills and Bellyaches" a must have), My Bloody Valentine (the Kevin Shields years), Verve, Catherine Wheel, James, The Cure, Joy Division/New Order, Echo and the Bunnymen, Jesus and Mary Chain, Orchestral Manoeuvres in the Dark, Siouxsie and the Banshees, Bauhaus, The Smiths, Public Image Ltd., The Jam, The Teardrop Explodes/Julian Cope, etc...
that said, there are a handful of great US based artists out there that has gained a cult following: Black Rebel Motorcycle Club, Interpol, The Rapture, the obligatory White Stripes, etc...