Your right there hasn't been much new psychedelic bands worth listening too for many a long year, we have only come across a few over the last six years, check out these two reviews:
The Groove Monsters
Ego prime
Both bands get played on the Progresive rock station.. if you havn't already checked it out then you should do so.
But if any one knows any good psychedelic bands post them on the forums so we can ALL check them out