I voted 5.

I agree with most of you that Bleach's storyline and pacing have been lackluster (to put a positive spin on it) in the last couple years. However, I based my vote more on my interest in the series when a chapter is released. Even though I do not expect much from the series, I am still reading each chapter on Friday when a scan comes out. I can't say the same for many other series, which I'll forget about for a while then catch up to by reading a few chapters in one go. If I consider that those series are also better than the ones which I drop completely and never read again, I think 5 (or perhaps 6) is appropriate for where I would rate Bleach.

On a related note, I took a look at the weekly rankings for Shounen Jump. Apparently the Japanese readers still like Bleach in comparison to the other stories in the magazine, because Bleach has been consistently rated 3rd - 4th during recent years.