Paul, it has been assumed for quite a while that PCH was "fattening up" Regent and Oceania to be spun off by Apollo; they try not to keep their investments long term.
I agree that it is poor marketing to put out in public press the fact that their margins have increased even with all the costs associated with the Voyager cancellations.
I stay with Regent for the overall experience. So far, my cruises since excursions have been included are to new ports; thus easy for me to find a worthwhile excursion to my liking. In the long run; I would just prefer cheaper fares. This is also true with respect to all the shipboard credit that is now given (by AMEX, TAs, CLIA, etc). We have $1100 shipboard credit on a one week Caribbean cruise where all excursions are free. Besides a trip to the spa, some high end champagne and scotch, Arlene will again hit the gift shop for some nice jewelry. At least they haven't raised gift shop prices.