The "rehashing" part of your argument can be applied to about everything you can think of, today. Nothing is new or original anymore, and if something actually is, it's usually not because nobody thought of it before, but because they realized it would suck and refrained from developing it.
That said, yes. I think there's a ton of new fantasy crap out every year. But being as it is one of the most prolific genres, it's not surprising. You have to consider the target for the genre, too. You won't find many philosophy intellectuals reading Salvatore. Most are teens or young men in their early 20's with less than optimal social skills, that incidentally, have not been exposed to anything better.
I don't hate the genre, as it has some good things. But it appears I haven't been so overwhelmed by it as you...