It still is a good indicator--state polls. What has failed is that if Republicans don't like a result, they shift the rules.
If the candidate is falling behind in the polls, blame the pollsters.
If the candidate is creating gaffe after gaffe, blame the media.
If the labor numbers are beneficial to the President, accuse the BLS of cooking the books.
If the debate is decided that the President did well, blame the moderator
The polls are fine, Republican supporters are defective.
If you want to be honest you would say the patisans on both sides do this. I've heard it from both the liberal and the conservative voices in our local and national media outlets. Regardless of party if a poll doesn't give the results people want for their canidate they will find a reason for the poll to be invalid.
That being said, current polling, on average from Real Clear Politics, have Romney ahead in the national "popular" vote and a "too close to call" situation for the swing states/electoral college. That is just the overall facts of the averages of all the polls.
Popular vote matters not in the Presidential election.
As for "Too Close to Call"...maybe Florida and Ohio. Two big states, granted but nowhere else of major consequence. NC is Romney's, PA, WI, MI is Obama's. FL and OH...too close but I think the President's chances in OH are much better than Romney's chances in Florida.
One good thing for Romney is that one of the RCP polls cited that has it closer than other polls in Ohio is from Cincy/Hamilton County. Suburban Cincy will likely determine how Ohio goes.
As for "both sides do it", I don't recall many dems complaining about the moderators, the press, the BLS, etc... I did about pollsters with my tongue in cheek but compared to the excuse-a-thon from the right, it barely registers.