I wouldn't say Michael is the last of the megastars, as Prince and Madonna became megastars after Michael.
I'd say Michael Jackson and Prince are the last of the iconic music stars where the world in amazed by there talent, wanting to know what they will do next. It's also plainly obvious Michael Jackson is the biggest and most talented pop star of the last 30yrs, and no one has had as much music and cultural impact as Michael Jackson, as it is Michael who raised the bar in album, singles, singing, dancing, videos and tours so high that no one after him in the 1990's to present has come even 25% out of 100% close.
My view is that as an original art form, Popular Music has lost it's edge because everything that has been done has been done. Artists just mix and match now, they have no choice because Popular Music is no over 50yrs old. No one will ever top what Michael Jackson, David Bowie, Prince, T.Rex, The Beatles, James Brown, Jimi Hendrix, The Who, Sly & The Family Stone, Elvis Presley and various Motown artists (You know who they are) have done.
I think there are some really good songs around in the 1990's. But no one with real iconic star quality or even amazing talent. Everyone is just an entertainer or a musician, ie these artists are just regular people who see the world no differently than the your average person.
Personally I don't think the talent is out there anyway, and even if someone with amazing talent does come along they still won't be half as much a genius as Michael. Just watch Michael perform as an 11yr old child in the Jackson 5, he's far more amazing than most iconic stars at there peak. What Michael has is a rare gift which will never be topped.
I also think E'Casanova's view that Michael Jackson is the last of the great song and dance men, misses what makes Michael so unique. A song and dance man is nothing more than an entertainer, Michael's not just an entertainer but a multi talented creative talented artist who writes composes and produces a lot of his own songs, and conceives a lot of his music videos. Indeed Michael Jackson is the first and last of his what he does, and Michael is his own genre where just saying he's a song and dance man or entertainer seriously underestimates the pure genius of who and what Michael Jackson is.