I guess it's not as simple as saying Regent has priced themselves too high. They made a decision to go "Super All Inclusive" which is very appealing to many. When they first went to Super All Inclusive the prices did not reflect this benefit, so we were able to book some cruises at pre "super" prices. Now that itineraries fully reflect the Super All Inclusive, they are just too pricey for us to justify.
We prefer to do independent or self guided tours in most stops. We will also choose ship sponsored excursions when the port makes it difficult to do independent tours. Since nothing is "free", Regent has priced in these included excursions in every port, so the per diems have risen quite dramatically. Obviously, this is working for Regent and works for many cruisers. It just doesn't make sense for us. For example we just returned from a 12 day Baltic cruise on Silversea. Our per diem was $500pp. Plus we had a $1500 SBC. We booked a combination of ship's excursion and independent excursions. We barely used up our ship board credit on the ship's excursions and some premium wine (our final bill after excursions, spa treatments and wine ended up being $300). Our independent tours came out to be around $1400 total or $55 per person per day. The same cruise on Regent would be roughly $750 per person per day. Our total came out to be around $555 per person per day. So in the end, Regent would be around $18,000 for two people Super All Inclusive. Our Silversea cruise came out to around $14,000 including our independent tours.

I'm not bashing Regent. I would love to do another Regent cruise if I could make it work. We love the casual dress code and the size of the ships; and of course we miss cruising with many of our LCT friends. It's just the prices don't work for us right now.