It’s always been my understanding that there was a steep decline in quality during the CBS years, but I’m open to arguments.
I think that's the general consensus, though I think it's fair to say the decline was probably more gradual rather than steep.
My own experience: I've played excellent examples of early 70's fenders, both jazz and precision, and this particular '75 P was untouchable. On the other hand, my '78 jazz was woeful.