My experience is that AH is producing only "beer and pretzels" games now. That's not a knock on the games - I'm a big fan of the original Axis and Allies precisely because it's not a monster game. Still, I miss the old AH/SPI games.
If you're looking for something closer to those, you'll have to look at other companies:
World in Flames is still the best strategic level game of World War II (IMO). Matrix Games is working on a computer version, but I don't expect they'll finish it for at least another year or more.
http://www.a-d-g.com.au/
Paths of Glory (WWI) has gotten great reviews, but it's out of print, so you can only find it on eBay.
http://www.gmtgames.com/nnpg/pog_main.html
Europe Engulfed has also gotten great reviews. It has a simple rules-set, but interesting gameplay, as unit strengths are hidden from opponents.
http://www.gmtgames.com/bleu/main.html
There is a new version of Third Reich, called
Advanced Third Reich (naturally), that improves on the original a lot. I've only played it once, and the rules are as complex as the original, but it's fun. This one was published by Avalon Hill, but I'm pretty sure it's out of print. I got my copy on eBay.
There are some good games by Richard Berg, Mark Herman, and others - I suggest using google to track them down. There are a lot of smaller game companies right now, but no one fills the role of AH or SPI in their heyday.
Fair warning, none of these games are cheap. Europe Engulfed has a msrp of $99.99, though I found it for a third off. Paths of Glory is selling well north of $50 on eBay. World in Flames, IIRC, is around $100+. The most reasonable was Advanced Third Reich, which I picked up on eBay for less than $30 (includiing shipping), but I had to be patient to get that price.
Also, don't forget to check eBay for some of the older titles. I've picked up a number of games in the past year that I lost or gave away over the years. Mostly for nostalgia, but some because they're still classics. Now if I can just find a few players with similar sentiments to game with...
Hope this helps. Good luck.