And I realise that my opinion counts about as much as an ape's does when he has his own ideas on how the zoo he is in should be run, but I am sold completely. There is way too much elegance and promise, within M theory in particular, for there not to be something there. It's predictive powers regarding gravity, it's conception of Supersymmetry, it's unique unification of all forces, it's explanations of fundamental properties that other theories daren't even attempt within their models, it's explanation of Hawking's entropy within black holes...
It's an amazing piece of work, it does what no other theory in the GUT department does, it unifies everything we understand elegantly. We shouldn't really get ahead of ourselves, though. Back in early 19th century, people thought they had a pretty complete model of physics, aether explained everything they knew, till a bright young man called Einstein came along and made the clocks relative. I don't think that we need an Einstein, but we should definitely consider more areas other than string theory.
Progress at the LHC has been troubling for string theory. There's been no evidence of SUSY at the energies it was expected at, and with the mass that they found the Higgs at makes it even more difficult for SUSY to be true. If SUSY was found at the LHC, it would have given string theory a lot of weight.
Explaining things has never been an issue for string theory, with 10
500 possible configurations, you can explain almost anything with string theory, the problem is that is has to be narrowed down and make accurate, falsifiable predictions, and so far, string theory hasn't done that.
An area of interest for the GUT department is
Proton decay, no one is really sure if they decay or not, but they're currently looking at it. If it turns out to that they decay, it would help us narrow down our GUT theories and help us potentially modify string theory.
You're right to think that string theory has a lot of promise, but it's really been the same thing since it was formulated. It's just lots of promise without delivering much, it's lost a lot of momentum because of it.
But there is a lot of physics to go, SUSY might turn out to be true, and LQG might see new advances. As always, we should let the data do the talking.