The quality has definitely gone down. I know that's a trendy thing to say about pretty much all brands, but I have noticed a distinct difference.
In 2005 I bought a bunch of dress shirts from BR. They had decent fabrics and decent collars. Semi-high 2 button collars with a semi-spread and 1/4" stitching.
Now the collars are lower, flimsier, and most have that crap "modern" stitching where the stitch is right at the edge of the collar. Looks terrible. Plus the patterns and fabrics aren't even as good. It has only been 5 years, and yes -- my tastes have matured, but even if they hadn't, I'd still think twice about buying the same type of items at BR today.
If you can find stuff like that coat I posted above, it may still be decent. I got that awhile ago too and it has held up pretty well. Basics like undershirts and socks may still be a decent bargain as well.