I've been looking back through some of the old Eavy Metal masterclass articles and some of them are truly stupendous. I've got to say comparing them to the quality of the paint jobs that currently appear in GW literature website etc they ARE far superior...
Of course the masterclasses are going to be awesome.

At least some of them that were penned by the best painters... but it is not representative of the overall quality. I chucked out some WD's per random and a new vision and a new thin WD. The old from 2009,2007, 2001... First two very similar to as it is now. The one from 2001 was hard to judge as the images were so tiny and mostly large battles. Biggest difference is that the images are pin sharp in the visions and new WD and often contain unflattering close ups.
Just some random examples.
The new issue I took out was WD 36. Think it's the last one I 've bought. It's from October.
First up a very nice Dark Eldar Archon. Looks great, maybe face is a bit flat but looks suiting. Surrounded by some warriors that doesn't look that interesting - flat. Next is the Succubus Again a very nice paintjob. Then there's some FW stuff. Some Dark Eldar ships that look good. Then there's an Eavy Metal feature. Adam Dole Space Marine. Not the most thrilling work but as neat as it gets. Anja Wettergrens Araloth. Looks super! Then some battle reports. Then a Firebelly, it's a couple of years old. Looks good as well. Spruce and glue and paint splatter are uninteresting. Yeah we miss the old masterclasses that is for sure...
An old per random 2007 WD334, release of Apocalypse. First up some baneblades that look good. A tank commander that looks a bit flat. Masters of the chapter looks pretty ok, a bit flat, but the master of the fleet looks nice. space marine veterans... nice and neat! tanks tanks... and then some Ogryns. The Ogryns look ok but I don't like the skin colour. Commissars looks good and a ork big mek with boss pole looks also pretty nice. All images are much smaller than the newer WD so it's harder to judge the quality of the paint but really nothing to write home about. They look good most of them but some looks pretty dull. Interesting to see three different variants of the falcon where one is very subpar to the rest. The EM Masterclass is Suldan & Boromir by Fil Dunn. They look ok but not much more.
Clicked into the web store. Warhammer fronted Nagash, Thanquol and a Treeman. Fault them please. They all look good.
Warhammer 40k. Some servitors. Neat job but I think they look a bit boring. Automatas also look good but red red red - I know it's Mars but come on. Some Imperial knights. They also look good.
Hobbit. Mirkwood rangers. Actually very nice paintjobs. The War Mumak doesn't look great but I think that is an old paintjob. Balrog looks good but also an old paintjob.
I don't need to speculate as I know how much time they get to paint, at least as per February. It is not less than they used to but they paintwork doesn't look worse either. Unless you cherry-pick the best from the old with the worst of the new (some of the new lotr miniatures look bleeergh and I also recall some awful Tyranids... overall the new paintjobs of the Tyranids didn't look good I think).
The overall quality remains similar and most stuff now compare favorable I think if we go back. They were duds back then (if the last 15 years can go as then) and there are duds now. Again some of the best painters have quit and started sculpting (Darren Latham and Joe Tomaszewski). But some amazing painters like Neil Green and Anja Wettergren remains afaik. The quality is slightly lower because of them leaving and the "wows" that Darren and Joe pulled off are farther between. But new people are coming in like Max Faleij who are absolutely capable of those wows.
Either you are getting more critical because yourselves are getting better, or it's because there are much more to see than EM nowadays... or maybe you are mistaking sharper pictures for miniatures that have more faults... or you think that some reader submitted stuff is Eavy Metal... or I don't know. Maybe it's just the lack of masterclasses. I honestly don't think I am wrong in this.
You might wonder why I defend them so hard. But they are people and hobbyists just like us that have had the fortune to paint full time and I think you guys are being wildly unfair.