I definitely have an appreciation for what Waters brought to the table (a VERY large share of what made mid-to-late era Floyd successful). And through Animals, I think the balance of Waters and the other forces in the band are fabulous. That gritty, snarky sarcasm you mention is very present, and very appropriate. Course, I also like the pre-snarky Pink Floyd (though I can't say I like "More" very much).
The Wall is where things get iffy for me. I actually really enjoy the album - tremendously - but it is remarkably self-indulgent. And The Final Cut, to me, just went over the edge with that indulgence.
I'm no great fan of Gilmour's work, either - his first solo album, which I bought as a teen, disappointed me. His post-Waters Floyd albums are not anything to write home about either.
So the conclusion I came to is that the creative forces of the band had a synergy that raised them all up higher - a sort of "greater than the sum of its parts" situation. But that balance tipped... and I just would be very surprised if 20 years on, they'd be able to recreate that synergy.
