I agree. Steve's music has gotten more abstract, formless over the years. I'm sure it's intentional, as he seems to be about impressionism and sound painting than structured melodic pieces like his older work.
I dunno... I would still like to hear more in the vein of MC&SS to be honest. It had the perfect blend somehow, fantastic soundworlds with just the right amount of musical touches underneath... it still has a sense of direction, structure, with interesting tonal qualities/chords, not too much, not too little... most (not all) of the later albums are far less interesting in those aspects.
Don't get me wrong, I like a lot of his later albums as well, however in my view MC&SS is still the one to beat. A once in a decade masterpiece.