I say that mid 2000s video quality started dropping because YouTube became popular and with music videos rapidly disappearing from MTV, and it became harder and harder for music videos to make profit, so therefore, the budgets got smaller.
I think the quality is slowly starting to go up in the past year, thanks to Vevo, but the quality is still obviously lower than 10 years ago.
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Originally posted by Portus
Everybody knows that Gaga brang the music videos back 
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I kind of agree with this actually, at least back during TF and TFM era. Before that, there was much less demand for high concept/high budget videos.
I really wish they released budgets for music videos... Wasn't the last reported million dollar+ mv Kanye West's Stronger? And the last music video budget ive heard being released was Britney's Womanizer and it was $236,000