Good question, not so sure the answer is that simple!! Musical lyrics are tricky - to me lyrics have to fit into musical notation, whereas pure poetry you might argue should contain it's own music within the syntax. SLAM poetry has its place as performance poetry no doubt and there's some good young performers out there.
You'll find cutting edge modern poetry all over the place - truly modern poetry is called Innovative poetry here in the UK - and young poets are gradually developing a very abstract new poetry, which is causing quite a stir amongst traditionalists! it's still in embryo form!
Poetry festivals, city cafes, special readings and sponsored events are places you can listen to and appreciate live modern poetry.
How much traditional poetry? Well, you mean the regular stuff, with rhymes and conventional form? That's in a healthy state I'd say although there is a debate going on now about how much online poetry has undermined the printed book market. For younger up and coming poets there has never been a better time to write poetry and get it published - self publishing, chapbooks and leaflets and what not can be produced in little time, relatively cheaply - but getting a deal with a major publisher of books is perhaps not so common as say 20-25 years ago?
I read modern poetry and collect books - I even attempt to write it!! Where we need more poetry is perhaps in the classroom - but that's another question altogether!