I like the Druid overall as a class. As a 30 something DM with 30 something players, having a Druid in the party, means that if some people can not make it, between the Animal Companion and Summon Animals, meatshields are handy.
Spell Compendium makes Druids handier, since the class can not only fulfill a limited blaster role now, it can do a curse thrower role, (Druids have the best abillity damage spells in the game), and have healing spells.
Wildshape seems really powerfull, but is not all of that. It is great for scouting, it is great for when the Druid is grappled, but the AC of the animals are way too low, and frankly at higher levels the damage output of even a Dire Bear is not going to out class the party's warriors. Dinosaurs are the best option for Wildshape, with higher AC and Damage output, and even Dinosaurs are not that great. Wildshape hits it's stride in the mid levels, and then is useful for escapes, until you hit Elemental form.
Animal Companions suffer the same problems at higher level, they just die way too easy. Role playing wise, the Druid in my campaign just does not want to risk her Dire Lion. Sure she can resummon it in 24 hours, but would you want to kill a pet, over and over again? Pretty cruel thing to do.