For me, hip hop reached its peak in 1988 with Public Enemy's 'It Takes A Nation Of Millions To Hold Us Back' and NWA's 'Straight Outta Compton'.
Like Akala says, "all the best rappers are either dead or retired". OK, Biggie and Eminem came out in the 90's but almost all the rest can't hold a mic to the 80's cream of the crop like Run DMC, Public Enemy, BDP/KRS-One, Eric B & Rakim, EPMD, NWA, Ice-T, Big Daddy Kane, Ultramagnetic Mc's, Schooly D, Kool G Rap & Polo, Geto Boyz, Gang Starr, Paris, Kool Moe Dee, LL Cool J (yes, he was really good once!), and many more.
And thats just the US rappers, what about UK artists like Blade, London Posse/Rodney P, MC Duke, Demon Boyz, Hijack, Cookie Crew, Silver Bullet, Overlord X, Caveman, Mell'O', Ruthless Rap Assasins, Task Force, Gunshot and loads more I can't remember now.
Back in the day, we considered these 'New School' because they were so different from the true 'Old School' artists like DJ Kool Herc, Grandmaster Flash, The Sugarhill Gang and Afrika Bambaataa.
Back in the mid 90's I really went off the majority of US rap and since grime came along I've felt the same way about most UK stuff but every now and again I hear a new tune on a rap radio show that gets me just as excited as when I first heard Rakim back in the day!
Peace to any hip hop lovers out there whatever era of rap you're into.