I think its important to remember that The Wall probably represented the end of what the band really had in the tank, regardless of which members left and which stayed. The Final Cut isn't good despite Waters' presence, and I don't think any of Water's solo work would have been saved by Gilmour's guitar or vocals.
Listening to the Division Bell reissue, I think Dave, Rick, and Nick really sort of found a good sound that is legitimately good even if it doesn't need to be compared to earlier Floyd albums. Not so much with Momentary Lapse Of Reason, which in addition to being terrible features what appear to be love songs, which just have no place on a Pink Floyd album period.