To be honest - the neverful is not one of their more quality bags. I have heard about this over and over again with that particular bag. Fraying edges, breaking straps.
In answer to your question though, yes. Since the takeover when the hands of the company left the family, yes I do feel quality has gone down.
When I started buying LV about 25 years ago, the quality was just unbelievable. It's still good, but not the same. I try to steer away from some of the brand new bags because some of the hardware is really really shoddy. It's definitely not coated brass like it used to be years ago.
It's too bad. But I still love LV and will continue to buy it - I'm just very careful what I buy. I stick with some of the classics, with really nice leather, and steer clear of hardware plates that will discolor and a lot of little "bells and whistles" that I know won't stay nice. For instance, I like the Tivoli PM. But the ones I've seen over a year old, all of the hardware has turned. Yuck. I won't buy it for that reason, which makes me sad, but I know it would drive me nuts. They are definitely trying to cut costs and things have changed. My porte tresor wallet is over 10 years old and still looks brand new. The mono zippy I bought my daughter two years ago already had to have its zipper replaced because it turned silver. So did my Tulum PM - new zipper. You would think with a bag that is well over $1,000 that the zipper wouldn't turn - and that wouldn't have happened 10 years ago. My Babylone bag had gorgeous cowhide lining. The newer ones (before they were discontinued) had cheap lining and the vachetta wasn't nearly as nice either.
I will never sell my older pieces because they are absolutely gorgeous. I often peruse Ebay to look for vintage LV - some of it is just gorgeous.
While I love my mono agenda with the rose interior, I've already replaced the clasp because it turned silverish. My other mono agenda - which is 10 years old (the traditional one), still looks brand new. My older agenda also has better brass hardware on the interior rings than the newer one. So does my really old keyholder. The new keyholders - the brass turns within a few months. Same on my old mono cles. The part that holds the keys is still a pretty gold color. The one I bought my daughter six months ago - already discolored and silverish.
My damier pap is the older style with much nicer, chunkier hardware. The newer ones have a prettier red lining, but the hardware is cheaper.
I think that while LV is trying to appeal to a whole cross section of customers and appeal to people that might not have been able to purchase their product before, they do seem to think that that particular clientele may not notice where they are cutting costs (i.e., the Neverfull I think is a case in point). It's a shame because it's a very practical style. However, the costs to actually make it, versus what they are charging, make it one that I wouldn't purchase. The batignolles horizontal is about the same price point, and has much more sturdy straps, better hardware, and stays beautiful for a long time. The important thing is to really look at what you are purchasing. Don't get caught up in hype and try to really look at the hardware, etc., to figure out whether this is a bag that will last 5-10 years or more. For the price, I like to feel like I'm going to have something a really long time.
Another way to research is to watch ebay ads for old versions of what you are looking at. See how it looks after it's been used a long time. Damier Almas - after 5 years, are still gorgeous. Same thing with most Damier bags, as long as they don't have plates that will tarnish, scratch and turn.
Just do your research. I still love Louis Vuitton.
) But I do appreciate these tidbits from those that are willing to share. 
