I'm older (just turned 35), and don't listen to a lot of hip hop or rap these days, but I'll have days where I'm feeling it now and then. My last job made it a part of the scenery, but I'm not really exposed to the party, trendy, youth culture that much anymore.
I still turn on Public Enemy, Rakim, GangStarr, KRS-1, Mobb Deep, early Outkast, Wu-Tang, Cypress Hill, The Roots, Tupac, Nas, Jay-Z, NWA, DMX, Dre, Snoop, and Beastie Boys from time to time.
As far as newer stuff I tend to like music that isn't particularly mainstream. I can't stand top-40 pop crap that you hear on the Radio. Sage Francis, Atmosphere (although he's fairly popular), Dr. Octagon, and a lot of underground stuff are pretty dope. IMO, of course.
Some of the older guys are still making good stuff. Public Enemy's 2007 release was amazing.