I think they’re fairly generic, though some musicians I know think they’re insufferably generic. Some of their songs have moved me a lot (“Lightning Crashes”, “Everybody Hurts”).
However I have nearly zero attachment to band identity, or the current status of who is playing with whom and what they name their bands. That R.E.M. was still “together” and active was news to me when I saw this question.
Seems to me that if they have talent and something inspired to express, they will do so separately, and they’re the ones to make that choice. Of course, it will be more difficult for fans to track them if they split up, unless they choose conspicuous and media-hyped partners.
(Non-REM tantrum: I’m in favor of more attention for non-media-hyped artists, though. Media hype has too much of a limiting affect on what people are exposed to. Best-selling and most-played-on-radio and chosen-for-Hollywood-soundtrack do not indicate quality to me.)