There is indeed a flood of mediocrity on the market, but one needn't plunge into the schlock to locate something worth reading. Good writing is located well above the deluge, not in it. Sometimes finding good books is a matter of luck while browsing the library or indie bookstore shelves. Other times it is the result of reading reviews or listening to recommendations from people whose opinons one respects and whose tastes in literature are similar.
Right now, I'm looking at the pile of good books on my chairside table, thinking the problem isn't finding excellent storytelling, it's finding the time to read it.