I’m worried. Perhaps it is just me.
Over the last five years the allowance rate has dropped from almost 80% down to 40% (perhaps lower?). That translates into less issue fees and less maintenance fees over the long run, and less filing fees (a low allowance rate discourages against filings when the applicant has a tight budget).
The economy is also having an impact on the number of applications being filed. I’ve heard rumors that filings are off by 20% from last year. That translates into less filing fees, and eventually into less issue fees and maintenance fees.
The result is tens of MILLIONS (if not HUNDREDS of MILLIONS) of dollars in lost revenue to the Patent and Trademark Office.
How is the USPTO going to make up the shortfall? Downsize? Substantially raise fees? Allow more cases? Ask for bailout money? 
Ladies and gentlemen…we have an elephant in the room. It’s time to start talking about it…
[Update: See Matt Buchanan's post on statistics that are relevant to this discussion http://promotetheprogress.com/blog/new-on-metrics-utility-patent-grants-down-13-as-compared-to-2006/757/]
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I share your concerns. The drop in allowance rates is particularly alarming. And most of the reform efforts seem more likely to worsen rather than improve the situation. A lot of it is probably due to KSR, but KSR was a lousy opinion (insert rhetorical question about “judicial malpractice” here?). The trend is bad for innovators, the PTO, and the economy.