It's true the glory days of Priceline are over--at least for now. (I miss staying at the Westin in Houston for $10/night.) But I have NEVER found that conventional booking is cheaper than Priceline, even if it's just an Express Deal. It's just that the savings these days are so much less. And I have found a few times that bidding doesn't yield the result that an Express Deal with a 10% off coupon would. Most recently, Hotwire was able to beat Priceline on a deal in Chicago.
It takes a lot more work than it used to. I have to keep looking week after week. Sometimes good deals will pop up only for a few days, then disappear again. Sometimes it's all about last-minute deals. But those rare opportunities do still happen. I got a top-rated Residence Inn in the Chicago Loop last year for $95 instead of $279.
But I do miss the Grand Hyatt New York for $75.