Uh, no. There are dozens upon dozens of shoegazing bands around these days. Hit up Tonevendor and poke around.
Stuff you may have missed not mentioned on this thread yet:
Moose were one of the original bands from the Scene That Celebrates Itself, but they’ve been forgotten lately, probably because most of their albums are out of print. But XYZ, Honeybee and Live A Little, Love A Lot are all brilliant. Heartbreakingly beautiful albums, but nobody wanted to know.
Chapterhouse again one of the original Shoegaze bands… Whirlpool is a classic of the genre. Global Communication remade their second album into the gorgeous Pentamerous Metamorphosis.
Ecstacy of St. Theresa A Czech band who did all sorts of amazing stuff, but Sussurate is the album you want. They have an EP called fluidtrance centauri which pretty much channels the best MBV had to offer. Their later stuff is more ambient/postrock.
Love Spirals Downwards a Projekt band for fans of the Cocteau Twins. Idylls is gothic, Cocteaulike, then Ardor and Ever step up the shoegaze. Then they went kind of electronic with Flux, but it’s still good.
The Lilys but only their first album, In The Presence of Nothing. One of the first wave of American shoegazers, a la the Drop Nineteens or the Swirlies. Their later albums are all over the place genre-wise.
Bailter Space a New Zealand band, probably wrote the best shoegazing song ever, called simply “X”.
Secret Shine, who released a new album this year after about 11 years on hiatus. Get the comp “After Years” consisting of stuff recorded for Sarah Records in the early 90s. New album isn’t bad either.
Sugar Plant are Japanese and started out as Galaxie 500 imitators. Came into their own when they branched out into Slowdivesque shoegaze. Get the Happy/Trance Mellow double disc set. After After Hours is also great, if more slowcore than gaze.
Rumskib has one album, self-titled. Far and away my favorite album from 2007. From Denmark. Goregeous!
M83 are a bit more ambient/electronic but will bust out the wall of guitars from time to time. They’ve got the spirit of the thing.
And there’s much more… She, Sir have a nice EP, House of Love are more straight pop but much to love for shoegazing fans, more spacerock drone but great are Magnog, Bowery Electric… dreampop stuff like Alison’s Halo, Aberdeen, A.R. Kane. Yo La Tengo aren’t really shoegaze but the shoegazers sure do love them, similarly true for Mahogany. Then you can go really obscure and try Brincando de Deus from Brazil (epic track with great title, “Why Don’t You Kill Yourself on Your Birthday?” I could go on…