And Disney very much wants to meet and exceed that expectation. However, I think it also needs to be said that Disney doesn't create 100% of the magic. Some of that has to come from you too. You either decide to have a great vacation or you decide not to -- and that's true wherever you go and however much money you spend.
If you decide that you're going to have a great vacation in your backyard, sitting in a kiddie pool with a glass of wine, watching your kids play in the sprinkler and listening to CDs of French accordian music and making believe you're on the Riviera, then I guarantee you that you will have a great vacation. If you decide that you're going to have a lousy time at WDW staying at the Grand FL and having a VIP guide every day and eating at California Grill while watching Wishes, then I guarantee that you will have a lousy vacation. Disney is not 100% responsible for you having a great vacation. You hold some responsibility there as well.
My biggest worry with all the complaining and back-and-forth discussions about the cuts and the economy is that people will walk into WDW EXPECTING to be unhappy. They will EXPECT their trip to be less than the last one. They won't go in thinking, "I'm going to have a great Disney vacation with my family!", they're going to go in thinking, "Oh man ... Disney's cutting back and that's SO going to spoil this trip." It's up to you to decide whether you still get your money's worth from WDW even without Fant! every night or three concierges at the desk or 45 characters on the street instead of 48. And if the value isn't there for you, then please do complain to Disney. Ask for your money back. Cancel your next trip. Stop buying the DVDs. Whatever you need to do to let Disney know. But if you do still have a magical time and you enjoy yourself and you find that it was just as great a vacation as last time, let people know that too.