I know i was on the UK's side in the UK vs US argument, and i think the brits had better music throughout the 60s and 70s (not including punk, since the american since was just as good, if not better) but most of the modern music i like is american.... I find a lot of modern UK music to be crap (The Libertines, Franz Ferdinand, Ours, Stereophonics)... I don't really like many modern brit banRAB, save Radiohead, Porcupine Tree and Super Furry Animals.
In fact, Iceland and Canada has a more promising music scene, and that's just sad.