I have fond memories of UAKM. I think most of the bigger companies have either abandoned traditional adventure games or are going in a different direction - TellTale Games, for example, started off with Sam & Max, Tales of Monkey Island and Wallace & Gromit, all traditional style games (albeit S&M had no inventory and ToMI had an awful movement interface), then Back to the Future leaned a little more to the casual side of gaming, Jurassic Park went into QTE and TWD explored branching narratives. Not saying there isn't merit to the games mentioned, just that they've veered away from the traditional point and click adventure format. This is really what Mad was saying about hybrid games - they are simply more commercially viable, or at least seen to be, in today's game market.
On the other hand indie devs, both freeware and commercial, continue to embrace the traditional genre. Sometimes it's taken to new places, yes, but essentially the basic format from the games we loved in the 90s is retained. Wadjet Eye Games are of course the most famous of the modern indie adventure game publishers but there are more, Screen 7 for example, and many others releasing their games independently.
I'd suggest hanging around the AGS forums - or at least checking out the latest AGS game releases (http://www.adventuregamestudio.co.uk/site/games/
) - if you have a hankering for the traditional P&Cs, although I have to say that some games are very short and others are different formats too (since AGS is a very versatile tool and can be used for many different game styles).
Some very good (and free!) AGS games that hark back to the classic Sierra / LucasArts are:
A Tale of Two Kingdoms - http://www.adventuregamestudio.co.uk/site/games/game/905/
Both "Apprentice" games - http://www.adventuregamestudio.co.uk/site/games/game/570/http://www.adventuregamestudio.co.uk/site/games/game/435/
The Journey Down (you might want to play this even if you've played the commercial versions!) - http://www.adventuregamestudio.co.uk/site/games/game/1344/
Professor Neely and the Death Ray of Doom - http://www.adventuregamestudio.co.uk/site/games/game/1386/
Decisions of the Elders - http://www.adventuregamestudio.co.uk/site/games/game/1525/
Space Quest II VGA - http://www.adventuregamestudio.co.uk/site/games/game/1518/
Space Quest: Incinerations - http://www.adventuregamestudio.co.uk/site/games/game/1522/
To mention just a few!
Hope you have fun with some / all of the above if you try them!
Plenty of games to look forward to of course... Tardigraves, Lamplight City, Captain Disaster... (sorry couldn't resist a bit of self-promotion! :D)