Any reportings on how it is now?
It's pretty tame. I prefer it to the way Haight-Ashbury and The Bowery are now (CBGB's famously became a John Varvatos boutique, etc.), and a person can find some alt-leaning things there, but it isn't an earth-shattering experience that is far outside the norms of mainstream art and culture.
There is a pretty good Doc Martens store that has a wider selection than their location in Silverlake, and a Vivienne Westwood boutique is further down the road, if that gives any indication of what sort of retail is on offer.
There are also several e-thot clothing retailers and some "rap culture" flagships mixed in for variety. Several places like Crossroads Trading and a few vintage stores, some of which are more legit and / or tony than others.
In general, the further west you go, the more spendy and upscale everything is -- which is pretty much how things go in all of L.A.
When you get right up close to Beverly Center, everything is $$$, and the stretch of Melrose between La Cienega and San Vicente is obnoxious; great for people-watching rich turds, though, if you're into that!
I do greatly enjoy several coffee shops on Melrose, and they aren't more expensive than other area coffee places (apart from Alfred, which isn't special enough to be as expensive as it is, but even they will do in a pinch).
If you're into film, there are several independent arthouse-leaning cinemas on or just off Melrose, and they do good business for a reason.
I'm not sure about bookstores; you're probably better off hitting The Last Bookstore or a couple spots on the Sunset Strip for your literature.
Overall, a pretty decent sightseeing destination; less obnoxious than The Grove, more affordable than Rodeo Drive, and pleasant to walk around. Depending on what you're shopping for, you might find something unique and interesting in your price range. Just don't expect to have your worldview changed by the visit, or anything really extravagant like that, and you'll probably have a good time.
