Crumbling? No. Overreacting? Possibly. In a temporary – but nonetheless reversible – state of decline? Most likely. The way that this whole passion play of problems will end up being resolved will be once we can get some damage control of the many issues that we can find on the site, be it from the mods or Amanda B. 2.0 like the other users mentioned above.
Until then, I think the only thing that we, the users, can really do is to act like sensible human beings to the best of our abilities. Be the boy scouts and girl scouts of the internet, set an example for new users, keep in contact with the mods, and so on. Don't become part of the problem, be a part of the solution.
I don't think that the issue is the userbase being unhappy so much as the possibility that they are just shifting focus from one major problem (that gets resolved) to another (that has yet to be resolved), and provided that they aren't being whiny about it, that's generally a good thing for the upkeep of a community.
Edit: I'm going to have to remember the above metaphor. Oh, internet, you are full of my kind of people.