Are FPGA's getting too complex?

Not all FPGA applications have an increasing complexity. There's also a need e.g. for 5k -15k LE signal processing solutions which can be handled presently by Cyclone III or IV family. devices. I presume that they are produced in large volumes and that Altera continues to serve the market.

Regarding the Timequest "obstacle", if you are presently satisfied with Quartus 9.1 and the classical timing analyzer, because your design has a neat clocking scheme and no critical external timing, it's quite easy to translate the constraints to Timequest by just a mouse click. You can explore the advanced Timequest features little-by-little.