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The last fee drop was by 5x (from 50k satoshis to 10k satoshis)
in the 0.8.2 release which was about 6 months ago.

The current fee is (assuming a $500 exchange rate) about 5 dollar
cents. The new fee after this patch is 0.5 cents.

Miners who prefer the higher fees are obviously still able to
use the command line flags to override this setting. Miners who
choose to create smaller blocks will select the highest-fee paying
transactions anyway.

This would hopefully be the last manual adjustment ever required
before floating fees become normal.