We are producing more code, but quality is definitely taking a hit now that no-one is able to keep up.
So instead of slowly inching towards the result we are getting 90% there in no time, and then spending lots and lots of time on getting to know the code and fixing and fine-tuning everything.
Maybe we ARE faster than before, but it wouldn't surprise me if the two approaches are closer than what one might think.
What bothers me the most is that I much prefer to build stuff rather than fixing code I'm not intimately familiar with.