Like anything else, description can be done well or it can be done poorly*. I'd hate to think aspiring writers are discouraged from trying just because it's difficult and likely to be done poorly. Yes, over-describing the physical features of characters is clumsy and intrusive. It's usually enough to explain that a character is sharp-featured and has nervous mannerisms, without going into detail about the length and color of hair. Still, an ability to evoke the feel of walking across a wind-scoured field on a bright winter day while clouds throw shadows on the dead grass should be in every writer's arsenal.
When it comes to how much description is necessary, I'd agree that the trend is for less description, and has been for decades. Fiction has become less about transporting readers to another world - the sights, sounds, and visceral feel of somewhere you've never been - and more about putting you in the emotional field of a fictional character. The thread of most commercial fiction today runs action > emotional response > action > emotional response > action, with anything outside that line pared away.
This does, however vary by genre. Historical fiction still puts and emphasis on physical description, and evoking worlds different from our own. Thrillers don't. An example of this is Robert Harris, who writes historical thrillers. If he were writing straight historical fiction, his novels would feature much more description of the buildings, markets, armour, etc. of the times. He would frequently paint portraits of the Roman forum, or the Dalmatian coast. But he's writing thrillers, so it's all about action, plot, and suspense. Harris does throw out the occasional beautifully-crafted description of a sunset, or a rampaging mob. He could certainly write that way all the time if he chose, and if it suited the genre he's working in.
Personally, I have a pretty high tolerance for description. I do, in fact, want to be transported to other worlds when I read. I want to immerse myself in a vivid and exotic setting, to feel that I can reach out and touch the world crafted by the author. But in my own writing, I go lightly on description, and try to get the most out of a sentence or two per scene. That's because I'm deliberately writing a plot-driven story, with a lot of characters and a brisk pace.
* John Gardner's the Art of Fiction runs contrary to contemporary books on the subject of description. Gardner's attitude was that if you aren't up to the difficult techniques of fiction, you shouldn't even bother becoming a writer. One exercise in the book is to write a paragraph of a man regarding an old barn. Describe it from his point of view. The challenge is that the character's daughter has recently died, and something of that is to be captured in the description, without any reference to the daughter.