I'd totally out of the current critical conversation loop, so to speak, but in my relatively uniformed opinion, I'd say affect theory, queer theory, disability studies, and the like are still pretty popular right now. Lauren Berlant's a big name in the former field; she just wrote a new book, Cruel Optimism, that sits patiently on my shelf, waiting to be read.
So I guess you could say that those fields are offshoots of cultural studies. While I find cultural studies interesting and intellectually worthwhile fields of study, I don't want to specialize in those things at all--which I'll get to in a sec.
I've been catching glimpses of such a phenomena here and there and have been thinking similarly about these things. I would by no means call the stuff I'd like to do formalism, but it's certainly not cultural studies either. If there really is such a new formalist movement, I'd wager that it'll be a movement that differs drastically from original formalistic approaches, one that appropriates some of the more salient critical material from poststructuralist/postmodernist methodologies. The latter movement was highly influential, and they had a lot of great ideas. But let's face it: there's a lot of bullshit in there, too. So hopefully any new movement can build upon the valuable contributions of those approaches without bringing up the old excesses. I suppose that's what's happened with some of the theoretical movements I mentioned above (but as I'm outside of these subfields, I cannot say for certain: perhaps others can chime in?).
At a conference, a student asked me a question about whether I agreed with his professor's opinion that 9/11 crucially changed the theoretical landscape as we know it. I said that I wasn't the best person to ask about such things, but that I could definitely see how such could be the case.
Anyways, I don't know whether I'm ahead of the times (highly doubtful) or simply misinformed/misguided (highly likely), but I'm having a hell of a lot of trouble finding departments that seem to fit the kind of theoretical work I want to do. UCLA has their Experimental Critical Theory Certificate thing, but other than that, I'm quite clueless. I want to study meta-theory, exploring the commonalities and presuppositions that inform the prospect of theory itself, tying this into concerns with disciplinarity/interdisciplinarity in contemporary discourse. In this sense "meta-theory" isn't some wholly different level apart from theory, but more like an extension of theorizing, theorizing about theorizing and methodology in literary study. I also want to study 20th century British literature. Maybe these are disparate, irreconcilable interests. I don't know. Blah.