The dumbed down, dull and hollow Pirates of the Carribean theme has replaced our beloved classic pirate sets (which were full of imagination).
Additionally, the very dull and dumb Lord of the Rings theme (the movies appeal to the lowest common denominator, and are boring, cheesy, and stupid) is replacing Lego's beloved medieval themes (which were colorful and creative).
Of course we all know Star Wars has all but replaced Lego's space themes (given the dismal sales of alien conquest, Lego space may be permanently dead).
Will Marvel and DC themed sets, or some other dopey licensed theme, eventually work to replace Lego City?
Also, senseless licensed nonsense like Prince of Persia and Harry Poter continue to clog up shelf space. How very embarassing looking back on these weird and laughable licenses from a 2012 standpoint.
Lego is chasing the almighty $ and it may turn around to bite them some day. Let me explain. Mega Bloks and K'Nex for example have gained some lucrative licenses in recent years (Mario Kart, Halo, and now World of Warcraft, which may explode in popularity). If things are based on licenses, other companies will be on a level playing field with Lego. The market will reward cheapo Lego knockoff companies who will pay the licensor big $ while only taking a small profit for themselves. Lego will be edged out. When Lego is edged out, without their licenses they will have nothing to offer. Imagine if K'nex gets the Star Wars theme after the current license expires. Lego might go bankrupt. Actually they probably would have to restructure.
Lego must reestablish their medeival, space, and pirates themes. Lego must strengthen their city themes (I am not impressed with the new mining stuff. Bo-ring).
On a positive note, I think the quality of Lego sets have increased significantly over the past 10 years. Look at the old and new Jabba. The old Jabba is embarassing and worthless now. With the new Jabba coming out nobody wants the silly old one color mold. It looks like a dogs toy. The new Jabba is highly detailed. This is a huge improvement, a night and day difference.
But overall, the increasingly dominant licensed themes, except for Star Wars (with such a history it is almost an honorary original Lego theme), I find unappealing.
To end on a positive note, monster fighters is a huge breath of fresh air. I'm wowed by these new sets. Also, the collectable minifigures line over the past couple of years is maybe the biggest win in Lego history.