is there any current band capable of making a concept record

[Northern Neighbour]

The Decemberists did it with "Hazards of Love" and other albums like "The Crane Wife" and "Picaresque" have songs related to other songs. 

Arcade Fire's last album, "The Suburbs", can be loosely labelled a concept album, as it speaks about a group of youth's experience growing up in suburban America.

Broken Social Scene have also done some albums that could be considered in the "concept" category.

[BH]

I wish there were more!    Pink Floyd's The Final Cut is a personal favorite.   

Bright Eyes, I'm Wide Awake It's Morning seems like a concept to album to me.   I love that album.

Father John Misty feels a bit like a concept album because of the sorrounding themes but I guess that's a bit of a stretch.

I thought Wax Fang's album was going to be a space adventure but I may not be around when that one finally comes out.

[Murph]

Titus Andronicus - The Monitor.  Pretty much a concept album based around the Civil War and it's pretty great

[MMPJ6306]

The Monitor, The Suburbs, and David Comes to Life are all great concept records that feature stylistic departures and excess not typical of each of those artists...

I also want to throw in Good Kid Maad City by Kendrick Lamar from this year. It's really great but not ott at all.

[Bernard]

I will second DBT, Arcade Fire, the Flaming Lips, and add Radiohead.

[LeanneP]

Park Life by Blur  :happy:

[ManNamedTruth]

I thought just last year produced two very good concept albums - the previously mentioned undun by The Roots, and Let England Shake by PJ Harvey. All of Arcade Fire's albums have been cocept-y so far as well. As far as wether a truly epic double LP concept album will emerge remains to be seen. I think it would be asking a lot of Radiohead to pull another OK Computer or Kid A at this point.