I am currently enrolled in a math/science PhD program at UC Berkeley. Our department is unchanged as far as offering the same packages, GSR, and GSI positions to our students. It's the other "little" things that have gotten cut. Less events/food for prospective student events, we can't pay for prospective students to visit anymore, etc. Overall, the impacts to students have not been as drastic as anticipated or played up. That's not to diminish the issues, but we are still doing faculty searches and going forward with retention cases so we don't lose top talent. Our departmental faculty aren't considering leaving at this time.
To respond to prolixity, UC offers are almost never as competitive as those coming from Privates. Even before the budget crisis our department simply couldn't offer as much as a private. They have bigger pockets and always will. The students that select our program, even with a smaller package, are drawn to the other wonderful things we have to offer (top ranked program, cutting-edge faculty, etc)!
If you can visit, that's a great thing to do. When I visited Berkeley in January the year I applied (before admissions decisions), I knew it was a perfect fit for me and I didn't even wait for all of my other offers once I got a yes from Berkeley.
I think years to completion is probably unchanged for grad students. It might change for undergrads with some of their course sections being eliminated. For my department I know I can say that my job prospects are unchanged as well. The reputation of our program is still incredibly strong, and the faculty still as famous as ever. People keep trying to recruit me!! All the time!!
Good luck in your decision making!
