I agree that there's some renormalizing taking place.
From the particle physics end, the revolution stopped because accelerator technology stalled out. If the laser-wakefield (or similar) accelerators can pan out, there may be a resurgence of the 1950's era of progress.
Just because the Standard Model happens to have panned out doesn't mean that its experimental verification wasn't a triumph. The Standard Model didn't have to be true!
The solar neutrino thing is phenomenal, at least to me, we surely see CKM mixing in the quark sector, but to see leptons change flavor, and do so on such a grand scale is astounding. When the problem first came up, flavor violation wasn't even on the table.
Precision cosmology has really laid out that there's something really, really big about Physics that we're missing. Really big. And it says it with such statistical and systematic vehemence that even the most curmudgeonly skeptic (myself included) is forced to confront it. In combination with the Bullet Cluster, there's almost no escape from the conclusion that there's something really important to be found.
Totally agreed that parameter space, without qualifiers, is a vague term.
Some parameter spaces are more important than others. I'd argue that the absence of new signals at LHC, the absence of bright new lines in Fermi/GLAST data, the absence of new lines in ultra-high energy cosmic rays, the absence of any signal in any EDM experiment, the absence of any equivalence principle violation or anything else in the gravitational sector, the absence of any experimental signal for any dark matter candidate, the continued expected behavior of the Hulse-Taylor pulsar, etc. are all important, especially in light of the problems of CP-violation, the complete incompatibility of the Standard Model with General Relativity, and the extremely good agreement between observed cosmology/BBN with the \LambdaCDM model.
A lot of really good people have pushed really hard experimentally on entirely reasonable theories, and those ideas have been severely constrained. In my own field, precision tests of gravity, theory is forced to contort itself to avoid experimental constraint. LHC is putting the screws to supersymmetry; there's still plenty of room there, but there's a lot less than there was a few years ago.
As experimentalists, we've got little patience for contrived models of parameter space. As each experiment takes 5-10 years, we only get a few in our lifetime, so we try to make our work as meaningfully-impactful as we can.