Wes Craven has died...

[Gorn Captain]

I'd say Guillermo del Toro sort of holding the torch a bit nowadays, at least for this generation.

The country doing the best horror movies today are coming from Spain, no doubt. I think Japan's horror flicks are pretty much looking the same now, losing their effects.

RIP Mr Craven

Del Toro is the only "modern" director I truly have faith in. I like his style and commitment and creativity. But I wouldn't really call him a horror director, more like "dark fantasy", if that makes sense.
Imagine if he had directed Hobbit. Would have been totally different. I feel he hasn't been seduced by "delusions of grandeur" like Jackson and Lucas.