Its been long enough for me that it has "lost its luster", but that hasn't stopped me from enjoying it. I'm still having fun with it, and when I ask myself "which system do I want to run?" the answer is still 4e. No, for me, the game's shiny newness has worn off and that allows me to see where it needs improvement. Sometimes a houserule is a quick fix, other times I have to work around the problem, but ultimately the game is still a lot of fun for me.
On the other hand, with the newness factor gone, I am left with a familiarity that allows me to try new and exciting things with the system. So its a trade-off. I now know the system is not perfect, but that knowledge serves me to make my games even better.