I'm really looking forward to seeing what the future holds for fantasy. Maybe there is a lull right now, I can't say because I have just started reading fantasy again after a long 19-20th century literature kick. But it's fantasy, anything is possible... how can it be dead?
It's hard not to have a lull right now. Robert Jordan's death obviously leaves us without a great fantasy writer. Terry Pratchett reportedly has alzheimers and if its being reported, you can bet there have been some noticeable episodes in his life.
Goodkind just wrapped up a 13 book series, leaving him with a gap to fill, and Terry Brooks has taken the world of Shannara into a sci-fi realm, rather than strictly fantasy.
Raymond E. Feist has seemingly run out of options with his books to the point where he's doing back stories on his original plot histories in his newest book.
I see a lot of evidence of a lull right now, but there are also some exciting developments for the future.
The author of Eragon released two interesting books (Eragon, and Elder) and I am awaiting at least a third to finish the trilogy. This Brandon Sanderson seems to be an interesting and talented writer, even if I do have issues with the way he operates. He certainly has a chance to make a name for himself by finishing RJ's last book.
I know Weis and Hickman have at least 2 more Dragonlance books in the works, and their cartoon made for DVD movie was just released. Also, Salvadore is constantly releasing new books for those who like his writings.
These are just a few authors, that I know of personally. There are constantly going to be new people writing, and that means chances for some fresh looks at old tales.
Mathius