In terms of the LL Bean branded products that they sell, their products have definitely suffered in quality...which makes me wonder if that's why they've shifted more of their emphasis to selling other manufacturer's gear.
I've generally found their fly fishing gear to be terrible and well below the bar compared to other similarly priced players out there (e.g. Redington or Orvis). On the upland hunting side, Bean is still solid with some notable misses like their technical upland coat. Their Gore Tex Upland Field Pant and Gore Tex Upland Field Coat are some of the best items I own. Camping/hiking gear is a mixed bag but by and large I've found their apparel and gear items to not be at the same level as their competitors (e.g. REI, Patagonia, Osprey, etc)....again with some notable exceptions such as their sleeping bags, tents, and sleeping pads.
Overall, their sticking to their decision to focus the bulk of their efforts on the lifestyle brands.
We have some more in depth reviews on our blog if anyone is interested.