Arguably the best sub-genre of modern music today, not that that's saying much. Is highly derivative of 80s college rock and 90s alternative rock. The overall sound is often highly pretentious, and it is clear that many indie rock artists consider themselves to be musical geniuses. Never mind the fact that the songs hardly ever deviate from standard song structure and cliche lyrics(albeit in a pretentious fashion, utilizing ridiculous metaphors and overblown instrumentation). Still, a step up from the pop punk and party rap on MTV.
Arcade Fire, Death Cab for Cutie, TV on the Radio, Modest Mouse, Arctic Monkeys, Broken Social Scene, Yeah Yeah Yeahs. These are all indie rock bands. It should be noted that some of these bands take a garage rock approach, yet the ridiculously convoluted lyrics and delusions of genius remain. Sounds like some people missed the point of punk rock's simplicity.