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I think the A-team of Valve (and perhaps the only team) is working on Portal right now and Team Fortress 2 focus is mostly to put new promotional items.

I don't think this is that bad (I want my Portal) and promotional items, weird as some of them are, don't make the game bad. I think if the biggest thing I have to complain about TF2 is a ugly hat or free crates this means, all in all, the game is very good.

Of course, would be nice to have new official maps and weapons (non-melee if possible) and more "meet the team" videos but overall, the game is still the most fun I  have online.