I have no special dislike for Trek, I own a post trek Klein and I respect what they did with LA as it seems like they backed him at a time when no one else would touch him with a bargepole.
But as a casual observer, I would say that they are too conservative as a company. They seem to churn out the same designs every year with a slightly different paint job, which seems a little lazy and half @rsed to me. Even more so with their MTB range. I think that Specialized, Giant and Cannondale have been more innovative, Specialized in particular seem to come up with lots of exciting new product every year, both with bikes and accessories.
Lastly, Gary Fisher and Klein have withered and died under Trek. Klein was bought to become their boutique brand but they're off the map now as a relevant and contemporary bike brand, same with Gary Fisher. Put it this way, if someone like Specialized or Cannondale did a simultaneous 2007 product launch, most of us would go to their website to have a look. Who'd bother with Klein? It'd be the Quantum and Attitude from the previous year with a different paint job and thats about it.
Still, if I was in the market for a bike and they had something that was outstanding, then I'd sure go for it.