I tend to agree that all is not rosy in Orange-land, and it certainly is not the same company it was even 2 years ago.
Cost-cutting is all well and good, but I do not believe the current approach is sustainable, and a crisis looms. Aircrew recruitment, Airport Operations, etc. are all incredibly stretched trying to cope, and a slight increase in the leaving rate could cause major problems. Many people leaving (or actively looking to) because there are some greener pastures out there, and the "putting people first" value went out of the window some time ago.
Don't get me wrong, it is an incredibly successful company, and I have a lot of faith in the core business model. I do believe the company will be a major force for years to come. However, I think there are a number of decisions they will need to reverse, and some painful and embassassing times ahead.