Have you ever seen Art School Confidential? It pretty much sums up how I feel about art nowadays. If you haven't, its about a talented artist who goes to art school and his work is seen as pedestrian while everyone fawns over the work of an undercover cop who has never painted before in his life and is essentially producing children's artwork.
I have not seen it, but I get what you mean all the same - the Emperor's New Clothes argument and all that jazz. I can see how one can feel that way about abstract art but I for one find a lot to appreciate in experiences and ideas expressed in manners that stray from classical, hard-lined conventions; actually I would hope a fan of fantasy and a medium as broadly shunned as videogames and comic books to be more open about such means as well, given the bad rep any of these categories has received over time from those who believe they're only Harry Potter, Call of Duty and superheroes respectively. I mean, as with any such category there's a good and bad side to it, I certainly don't think all abstract artists are great and I do think some can feel quite fraudulent - but then, for every Hubert Robert there's also a dozen mediocre landscape artists painting the same city landmarks over and over so that some housewife can fill an empty wall in her dining room. There are contemporary artists who may be extremely simple in regards to their techniques while others (see Shahzia Sikander, Luis Felipe Noé or Duane Michals in this thread for example) to put a great degree of skill on display as well. In fact the scene is so varied that one cannot rightly point at any piece or art and say 'everything is like that': when you find yourself with a scene that incorporates everything from sculpting and painting to forging to creating electric circuits to manipulating photography to collage, all the way down to readymades and performance, it's pretty disingenuous to me to try and find a blanket statement with which to dismiss it all. In the end I value the effect and impact it has on me regardles of technical or virtuous display - to me the right technique or appropriation, however simple it may be, to convey rightly an idea or feeling is more worthwhile than any amount of skill placed on something that, ultimately, is little more than 'pretty'. That, I think, is worthy of its own place and praise in art.
I wonder if Art is like music in that if you like a genre of music you can pick out the differences between the artists and what makes them unique and such, but if you don't like a genre it all sounds like repetitive garbage.