Not so much a "where are they now" because many 80's bands/artists are still plugging away in the 90's and beyond. Here are a couple that immediately come to mind...
The Fixx - Not only still going with 4 out of 5 original members (unlike a recent touring version of A Flock Of Seagulls featuring lead bird Mike Score with a backing band doing an alt-rawk version of "I Ran") but still producing vital music and memorable live shows. Check out the outstanding 1998 album, Elemental and the 2 disc 1011 Woodland (an album featuring reworked versions of songs throughout their career...also available on DVD audio).
Ultravox - Aah, my favorite 80's band. The singer has an obvious advantage when it comes to carrying the torch. Midge Ure, the second (and most prolific/commercially successful) Ultravox vocalist, has given the world a fairly steady output over the years, most recently with the fine 2001 album, Move Me. Granted, Ure sometimes coasts into adult contemporary territory (not unlike Sting) or heavy Celtic influence, yet he rarely disappoints. It is worth noting that keyboardist Billy Currie's attempts to maintain the Ultravox name in the 90's have met with mixed results. 1993's Revelation (w/ vocalist Tony Fenelle) continues to be a difficult listen, as hard as I try. I think what Currie tried next is to recruit a singer who sounded as much like Ure as possible, finding one Sam Blue and issuing the Ingenuity album a year later in 1994. Surprisingly, if you can get past the Ure similarity, this is a decent album with washes of classic UV sound. The similarities become more apparent with the 1995 live album, Future Picture, which includes a mix of classic UV tunes (even going back into the John Foxx era) & tracks from Ingenuity. Another interesting artifact only for those who aren't offended by Currie's attempts to forge ahead as Ultravox.