I have cut back a lot over the years. I still ski frequently, but do so locally. I used to take at least one or two trips out West each season, but no longer do so. It isn't just the economy but the realization that I was spending way too much on the sport--it really starts to add up over the years and for me, it is now better spent in savings. Although skiing will never be considered a cheap activity, I don't think that skiing in and of itself has to be expensive. It's really not that bad if you stick to your local hill and get a deal on a pass. The travel and incidentals is what really drains your wallet. The lift tickets are kind of like an after-thought. If you consider air fare, lodging, meals, etc..one can easily spend thousands of dollars a year-- and that's just one person. A family can easily spend $10k for ski travel. That adds up over the years.
Bring your own food, get deals on passes or pick-a-day type offers at a local hill. Also, a way to save money on travel and destination skiing is to join a ski club. They usually offer really good deals on group travel. The only downside is that you obviously have no control over the dates so your schedule has to work around this.