Hi, I just came back from Paris late October and yes, everything is definitely cheaper. Some of the smaller items, like key cles, etc. you won't see too much difference ($30-$40), but the bags can be upwards of $100+. Right now, with the euro rising, you're looking at an average of 12-15% difference right off the bat from US prices. Also, if you spend more than 175e in one shop in one day (of course you'll meet this in LV!), you can ask for a tax-refund (called a VAT refund) of an additional 12% by showing your passport (to prove your not an EU resident). The store will prepare your form, then when you exit any EU country, get it stamped by customs at the airport then you mail it.
Keep in mind if you want a refund by credit card, it can take forever. I came back 10/27 and I just got the refund from LV about 2 1/2 weeks ago. But it was worth all the trouble!