Personally, I feel that Toyotas have for some time carried a price premium that came not from superior engineering and quality so much as a superior reputation when compared to Nissan or Mazda. Compared to a similarly priced Maz3 or Sentra (heck - even the new Lancer), the Corolla is unrefined, plasticky, and lacking in features and luxuries. It is also one of the most unstable cars in its price bracket, especially at the 80+mph range.
I believe that this current issue has the potential to wake up a powerful company that spent two decades developing a commendable reputation and then decided that it could ride the momentum of that reputation rather than compete on price and innovation. They gave technological advancement to Subaru, they gave sportiness to Mits and Mazda, they gave refinement to Honda, and they gave value to Nissan and the Koreans. All they're really left with is a name that is currently being dragged through the mud by a sensationalistic press desperate to watch a mighty giant fall before a public that thinks this is just another reality TV show.
I have repeatedly mentioned that I would never own a Toyota. This has nothing to do with my opinion on their quality - I always recommend them to friends. I just am not a fan of how they feel for me. I hope they see this as a wakeup call and go back to the sort of innovation and competitiveness that brought us the MR2, the FJ60, and the Pickup - three vehicles that, 20 years after production ceased are still considered benchmarks in their respective classes.