I think the ultimate low-point for LEGO was around 1999.
In 1997 I remember getting a 1995(?) set, which was a truck, a trailer and three race cars with pilots. That set was awesome, as it had plenty of bricks and lots of neat features, like a two deck car transporter trailer that you could fold up and down for loading, or a crocodile jack for lifting cars.
In 1999 I got a similar, a truck with a trailer and two race cars. It was sort of disappointing, the set had a very little amount of bricks in contrast to its size, as most of them were huge panels. There were less neat features too, and this resulted in basically having no point of breaking down the set as many of the set elements were little to no use for other things.