Yeah, I'd say the Druid is far more in-line than in previous versions of d20 (except possible core 3.0e, pre natural spell feat).
- Wildshape was changed when they made the changes to Polymorph in Pathfinder. All polymorphing was changed to point to a series of spells that granted specific bonuses that were appropriate for the level of spell.
In this way, you weren't relying on bestiary entries and CRs to get your stats, rather you were using the spells system which is inherently more trackable and balanced when it comes to "power per level".
This means that Wizards casting polymorph spells are far more balanced as well.
- A lot of the third party spells (that were not OGL) weren't carried over. As long as you don't allow 3.5e material into your Pathfinder game, you are already curbing a lot of the Druid's ridiculous tactics from the past.
Although I haven't looked at all the spells for Druids in the APG yet.
- Animal Companions are now based on specific stats, instead of just allowing you to pick a creature from the bestiary and have at it. Once again, this is similar to the Wildshape change, in that you have specifically balanced animals that grow into their power at a known rate... rather than just picking any old animal that might have a Str or Natural Armor or other stat that's ridiculous for it's CR.
- While the Druid was balanced with the above situations, the other classes it was able to fill in for got a little better at their focuses (Fighters are now a major step ahead in combat, Clerics have channeling for healing, etc).
This means that a Druid, while still viable, is no longer "good enough to be tied for best" in many of the roles it used to take on.
A Druid built to be good at everything, really will be like a jack of all trades, in that he'll be a master of none*.
*Note that it's not bad being a master of nothing, because having the second best tool for a lot of situations is perfectly viable in a D&D game. Just look at the Bard.
In effect, you can be a "master" of versatility.