Am I traveling less because of a perceived devaluation of EXP? No. That would be silly.
Do I perceive a devaluation of EXP? Not really. Upgrades are about the same. A few missed so far this year, but they were all the usual suspects (2 DFW-AUS on busy evenings and one DFW-SFO). I am waitlisted for C upgrades for self and spouse to Europe in early September. If those fail I might start thinking EXP is not so hot. But so far, the EXP line still answers quickly and the service remains good. "Expanded" award availability for EXPs seems to be a myth, but I have never experienced otherwise.
However, with trips already booked I have requalified for EXP this year, so I am opting to divert some remaining 2012 travel to DL to requalify for Platinum, at least when the price is similar and the route makes sense (not AUS-DFW, for example). I do prefer AA's F service.
Finally, I haven't seen the labor issues manifest themselves in the front-line service, for which I am grateful. I went through the ups and downs with NW and their years of labor/bankruptcy/merger issues, and I haven't seen anything like that at AA.