I was speaking to a former CSM graduate (from around 2001ish) who now runs a very successful studio. I don't want to say exactly who or link to their site, because I assume this was said to me off the record. He said they had gone back to the last few degree shows and been disappointed with the work on show. When I asked who they look to when hiring, he actually (coincidentally) said that they had been very impressed with Brighton recently, and take a lot of graduates from there.
A tutor on a different course said, in these words, that 'it still thinks it's good, but hasn't proved it in a long time.'
This is from someone that sings the praises of other courses around the country.
Having spoken to people, it seems that CSM really doesn't have the great reputation in the industry that it does have outside of it. People off the street will probably know where you study, but it seems that to those that matter it has the reputation of trading off its name and the subsequent talent it attracts, rather than actual merit.