S. T. Karnick sheds light on current progressive rock. The second wave includes groups such as Dream Theater, the Flower Kings, Echolyn, Glass Hammer, Pendragon, Transatlantic, and Salem Hill. Most of these I've never heard of. For Karnick, the best may be Spock's Beard. He reviews their latest, Snow and calls it "one of the greatest rock albums of all time."
I've heard portions of Snow and am impressed. They sound like an up-to-date Yes (when they had Trevor Rabin). Spock's Beard possess the wonderful prog rock combination of fine playing, great harmonies, intricate song structures, and intelligent lyrics. It's jazz meets the Beatles meets Led Zeppelin.