I voted for slightly downhill. I got SWSE and liked it, but as far as D&D goes...the last book I bought was ToB, I recently posted a poll about what "Expedition to" module to get, and the replies there convinced me to skip all three. MIC, Spell Compendium...are just reprints of already exsisting material, so I can't really give WotC props for them...I would love to see a feat compendium(actually feel this is needed more than those other two books). Really wasn't interested in the new line of complete books, and the only one I heard enough good things about to even consider buying, was Complete Scoundrel. All in all I'm way more excited about SWSE than anything for D&D that's been released in the past few months.
I'm curious...how "recent" is recent? I see people mentioning PHB 2 and ToB...are these recent? PHB 2 came out over a year ago and ToB is almost a year old. Recent books in my mind would be SWSE, The Expedition to Undermountain, Complete Champion, Drow of the Underdark, Monster Manual V, Dungeonscape, and The Sinister Spire(probably a few I missed). A few maybe's would probably be Complete Scoundrel, Barrow of the Forgoten King, The Red Hand of Doom, and a few others.
I really don't see too much I want now...adventures kinda meh on, I got a better deal on them with Dungeon magazine and after seeing some of the replies to my other thread on $30 plus adventures...let's just say my faith is a little shaky.
The new line of "complete books" is the same old, same old to me. I would really have too want more crunch in my game...and I''m past that point now. Haven't given the environment books a look, but I haven't heard anythig bad about them so I might be interested, but of course that means more rules.
I guess I just feel like D&D is kind of caught in a repetitive cycle...except for the adventures, which at their prices, I'm not willing to gamble on. I really wish that instead of continuously adding more rules, they'd maybe make a book telling you how to simplify the game in various ways...and what the effects would be(sorta like UA did). This is all very subjective...but then again so is the question.