It certainly seems to be much quieter. I haven't posted for a long time, but have visited from time to time - mostly to read contributions from a small group of members like Hare, pboyles, Robster, Pete, Dash and so on, all of whom post good stuff. I quite like reading some things from people like Toast as well - I disagree with many of his conclusions (not that they're wrong, I just see things differently) but much of what he writes is interesting. The kind of things that these people post - trades, ideas, serious discussion, lulz (or sport), the exposing of scams - these seem to me to be the essence of a good forum.
If you look at the number of members generally on during the day, it is now just over 100. This has declined steadily from about 180 or so not so long ago (and much more than that in years gone by). I think the Hare's short was a great trade, and of course now he's closed it (or rather, it's been closed for him).
There's no doubt in my mind that activity has dropped significantly, although what can be done about it at this stage I don't know. If it were me, I'd decide on a clear direction and pursue it, although who knows if that would be successful, and what definition of success does one use?
But if I had to highlight one problem above anything else, I'd say it's that T2W hasn't really decided what it wants to be, and so it is having trouble making progress.