You're definitely right on about the weird live action shit that is on Adult Swim.
I think there's another problem with Cartoon Network, and it is something that isn't endemic solely to that channel. It's a problem with nearly all American animation since the early to mid 2000s: it's now almost solely focused on kids.
Example: Dexter's Lab, Powerpuff Girls, Courage the Cowardly Dog, etc were all shows that greatly appealed to kids. But I still enjoy watching them now, and I'm pushing 30. They have a lot of adult humor injected into every episode that goes over most kids' heads.
Better example: Batman:TAS, Batman Beyond, Samurai Jack, Justice League, Justice League Unlimited, Sym-Bionic Titan. All amazing shows, and kids could definitely enjoy them, but the themes were much better appreciated by adults. Not to mention some very adult jokes.
The new Thundercats show is pretty good, but it seems like the exception, not the rule (but it'd still be awesome if they ran an "uncut" version on Adult Swim in which Panthro swears as often as I imagine he would if it weren't airing on Saturday mornings).
Anyhow, I still have some hope for the return of Toonami. (EDIT: Obviously not hope that it will return, but that it will actually have some semblance of its former quality)