Yes it is.
I was a big North Face guy. Everything I had was North Face. Then a transition happened where everyone and their brother started wearing North Face as just your basic "Look at me I have North Face" as a jacket you wear to school or church or the mall or whatever. It became kind of a status symbol. I guess for the price you pay for some of it, it became a "status symbol".
I had my North Face gears years before it became popular and it got to a point where I felt I looked like some poser and got tired of people telling me about North Face gear. At this point I think is where their quality for the basic stuff went down. North Face products for the mainstream(IE Denali Jacket and basic fleece gear) is not as good as it used to be. The quality is just not there. Don't get me wrong their upper "true outer wear and hardcore gear" is still top notch and great stuff!
Mountain Hardwear came out and replaced North Face in my mind right now for more of the entry to mid level stuff. The jacket I just got for this year is way better than waht North Face offers in the 200-250 dollar outer shell price range. The quality appears and feels to be A LOT nicer with MUCH more options!
With that being said if it is blistering cold and snowing and a white out! My 1 piece North Face suit has never let me down! It may be 8 years old but damn is it awesome!