Tom Shales, Washington Post TV columnist, hits on the reason why TV seems to have bottomed, or rather flattened out:
... the very concepts of "good" and "bad" in the arts and communications are now deemed obsolete. Movies and TV shows just "are" and have been fashioned for consumption by various essentially undemanding constituencies.
TV and movies, both, but one could contrive an argument that just about any entertainment that exists seems to have fallen into this hole.
I've long tried to keep the perspective that niches are inevitable, that a world like this encourages that many more niches to flourish, and that in every niche there will be good things, mediocre things, and barrel-bottom-scrapers. I speak from an admittedly prejudiced perspective: Merzbow (niche of a niche) and anime (niche of a niche) and so on.
But I have to remind myself, and by extension others, of something. The best test of the quality of something as it exists in a given category is how well it transcends the limits of that category. That by itself is an argument for true quality, and not just for satisfying the requirement of a given niche. It's why I tried to talk about something like A Drunken Dreamin terms of comic art generally, and not just "shojo". With something that good, you don't want to put a label on it if you can help it.