I don't think they've been ruined in the least.
I also don't think 4e is necessarily a step up or down from 3e--it's just a step in a different direction.
I like the stories I get to tell in the new setting, and honestly it doesn't feel any different gaming/DMing in the 4e Realms.
I think I just love the Realms, and I like it in all its incarnations.
Cheers
Things I have said to my DM:
[When the rest of the party is halfway through the skill challenge after a tough battle and short rest and the DM says, "Erik, you've been really quiet--what do you do?"] "I'm still unconscious, actually."
"We rest until there's a random encounter--need to level before we move on!"
"Oh, my lord! That terribly garish amber amulet sets off your amber eyes so WELL!" (bluff check 34)