Answer: The flavor of peaches depends on both the variety and the ripeness. If the tree is dropping peaches very early it may be because it can't support the full number of fruit is has set -- peaches are normally thinned for this reason. If they are fully ripe, it may be that you have selected a variety developed for canning so the need for sweetness is lessened. This year's peach harvest is known to be very sweet due to the drought, so it may be that they are not fully ripe. Try placing them in a paper bag or on a piece of newspaper for a day or so at room temperature and see if they ripen and sweeten further.
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