Being as exposed to the entertainment industry as everyone else in this era of multi media madness, I'd be the first to point out that much of the "talent" is a product of clever advertising and media exposure. However, there is still talent out there! In fact the demands on the entertainment industry to produce are very high and thus promote an environment of competitiveness in every avenue.
Of course we still have performers of Elaine Stritch's caliber. She was a Broadway legend and a brilliant television actress, but current performers like Kristin Chenoweth, Megan Mullally and Neil Patrick Harris are equally as talented. We shouldn't ignore the excellent work being done by these people and so many others, while we mourn the passing of a wonderful lady.
Everything that is lost is replaced. That is how nature ensure that a balance exist in virtually everything. Like Strich, there are many multi-talented performers who still exist. For instance Jaclyn Guillou (who can sing, dance and perform on stage) and Celldweller (performer, independent artist, songwriter, producer, and programmer) are some of the most talented individuals in the current generation.
I think that multi talented performers are harder and harder to come by. A lot of times now a days when you have someone who tries to do multiple things like acting, singing, they are not very good at both. She definitely stood out and will be very missed and doubt any one will fill her shoes any time soon.