No it hasn't. There's a load of good new(ish) bands around producing really good music like The Union, The Answer, Saint Jude, The Treatment, JoBo, Airbourne, Bonafide, The Jokers, The Temperance Movement, Tracer and more besides, but none of them are doing anything ground-breaking.
There are a few who I've heard who have a bit of a different sound - Banned Sauce are one, and Tame Impala are another, but even they have big links to the past.
Muse are imho the most innovative band around atm, but their sound, to my ears, owes a lot to Rush, Queen, Yes & Led Zep.
The Foo Fighters are brilliant, but they've been around long enough to be regarded as part of the old guard now.
However, I think it's a great time for rock music - all the above are touring/recording and producing good stuff, and we also have many many older acts still producing good new material and touring.
The Rolling Stones new single is great!, and in the last few years there's been great albums/tours from Alice Cooper, Motorhead, Bon Jovi, Robert Plant, The Cult, Slash, G'n'R, Saxon, Whitesnake, Iron Maiden and shedloads more.
Then there's the supergroups like Chickenfoot, BCC, Them Crooked Vultures et al.
Loads of good music, not enough money to buy it all. If you think rock is dead, you're not looking for it in the right place! Rock has never been mainstream. So don't expect it on mainstream radio!