We have been regulars at WDW since 2000. We have loved Disney all these years, considered it our home away from home. My dd did 2 tours in the CP. Prior to the implementation of FP+, we were planning on buying a DVC.
We were just in Orlando in November. We went to all four of the WDW parks and the two Universal parks. Prior to that we'd been there six months ago and done the same trip, plus visited Sea World. (We also visited DL this year.)
The tipping point has been reached for us for WDW after the most recent trip. The tipping point was a combination of the debacle that was our FP+/Magic Bands and the high quality of the Universal parks (particularly the new Harry Potter area) in comparison to the lack of new rides/areas at WDW.
FP+/Magic Bands mess: Even at the non-peak time we've been there this year, we can go on approx 30% fewer rides now. The first time, the Bands worked well, had no problem. This time, months later? Tipping point!

The system has gone downhill. There were 4+ hours of effort and stress involved in getting "the system" to accept my tickets to make the FP (and by the time it was straightened out, the popular attractions were all gone). It was soooo frustrating (especially since 4 CMs basically threw up their hands and said, "Sorry, can't help you. Call back again later." Seriously, that's what we were told. When I sent in a complaint, the manager who called me back admitted to me that she still expects her staff to behave "the old way" but that is not universal (pardon the pun) any more. Okaaaay. So why I am a paying through the nose if I can't have an expectation of high quality, especially when I'm calling you to fix a problem with YOUR system, that I have no choice but to use now?
Compounding the stress, once we go to the parks, it turned out that my Magic Band was totally screwed up and we wasted quite a bit of time each day waiting for them to "fix it". Talk about losing the feeling of magic! Wasting time (30--60 minutes each day) waiting for them to fix their system -- without any apologies?

Magic gone. We had trouble getting into our rooms one time for no apparent reason and were unable to get charging capabilities put on the bands. They were never fixed. There was definitely no magic in my Band.
The truth is if we weren't meeting foreign friends there, given our experience with being able to ride fewer rides and the hours/stress of just trying to buy tickets and make FP, I would have cancelled my trip after the 4th hour of trying to BUY tickets and make FP.
Park quality: The new Harry Potter area (the train, new Diagon Alley, Gringotts, etc) is far superior to anything Disney has done in a while. The new Fantasyland is cute, but really cannot compare to the new parts of Universal for older kids and adults. Even we who are not big Harry Potter fans thought those areas were phenomenal and far better than anything Disney has done in many years. We spent a full day at Universal's parks and only left because it started raining hard. Meanwhile, Hollywood Studios has fewer attractions each time we visit and Epcot is playing Captain Eo and the Soarin' film is a mess. We were able to take our foreign friends to Epcot, AK and HS (including seeing the Osborne Lights) in one day without any problems or feeling like we missed much except Fantasmic, (but no one was willing to get on line 1.5 hours in advance). Three parks in one day without missing much says a lot about the diminished quality.
Food: We were able to walk into restaurants at Universal and get service. We also ate at the Leaky Cauldron -- a counter service -- and the food was honestly very high quality and a staff member was greeting people at every table, asking them if they were happy. When's the last time that happened to me at Disney? When I tried to make reservations for table service at ANY park at WDW 60 or so days in advance, there was nothing. And there were no walk-ins available either. Two days of counter service mediocre food got old.
Bottom line: I shouldn't have to work this hard to go on vacation, especially a vacation that has less value (due to fewer rides and no access to decent restaurants) but a higher price than it did a year ago. And I don't WANT to have to plan my days months in advance. Just of no interest to me.
So for us, the tipping point for WDW has come. We are certainly not going to buy a DVC. We are going to stop using our Disney Visa and focus on another credit card with different rewards. The next time we go to Florida, we will be spending our theme park time and money at Universal and Sea World. If we want to go to Disney, I prefer to return to DL. I hope WDW changes for the better, but it won't be a vacation destination for us until the changes we need to tip us back happen.