Do good editors still exist? Of course; and they're still doing good work. But in today's world, much of that is far removed from what we think of as 'editing' - they may be tasked with finding illustrations, maintaining websites, or even acting as a publicist. They're also more likely to be freelancers, serving many imprints, or employed directly by writers.
Few authors speak fondly of editors, at least in public. Yet without editing, there would be few great authors. (The reverse is also true.)
In fairness, some think that "real" publishers skimp on editors, too - and that those who remain spend more time identifying good writers than polishing their work.
Do good editors still exist? Of course; and they're still doing good work. But in today's world, much of that is far removed from what we think of as 'editing' - they may be tasked with finding illustrations, maintaining websites, or even acting as a publicist. They're also more likely to be freelancers, serving many imprints, or employed directly by writers.
Few authors speak fondly of editors, at least in public. Yet without editing, there would be few great authors. (The reverse is also true.)