Two weeks ago at DrupalCon Paris, I gave my traditional state of Drupal presentation. The video of the presentation is available from archive.org, and you can download a copy of my slides (PDF, 8 MB) as well.
I don't want to give away the spoiler, but essentially, the state of Drupal is strong. :) We should be really proud of what we have accomplished with Drupal 6, and what we're about to accomplish with Drupal 7. In the presentation, I also talk about what it means for Drupal to grow up, and what the next phase of our life will most likely look like.