I have been sailing with Cunard for the last 12 years and came off my 6th Queen Elizabeth voyage last February. I can say that I was not disappointed at all. Yes, there has been some minor cost cutting, as to be expected in the current economic environment, but overall everything was up to my expectations. I did travel Britannia Club, and I would say that the dining room menu seemed be using lower cost ingredients but still cooked and presented very well. For example, there was no lobster offered this time on a 14 day voyage and the meat cuts in other dishes were of a slighly lower quality. However, I did seem to find that the main course servings were a bit larger than usual (that might be my imagination).
Anyway, overall I was very happy, even though we missed a few ports lol!!