Not all doom and gloom at all, it just depends on how you interpret the information. Of course that means at the same time it's possible for people to also be a bit too try-hard at getting a positive spin out of something as well.
To focus on the most shining positive first - the ratings didn't dip again, and I somewhat expected them to. The second episode had the reveal of Davros from the previous week, and the fact that it was a resolution on its side - people will be more inclined to watch a story that wraps up something that they've already sat through. Under the Lake had no such sway in terms of viewer commitment, and given the greater importance of the rugby game last night (sorry Wales, but England accounts for the majority of UK viewing figures simply because it's where most people are) I was surprised that it didn't see a minor drop again. All this without accounting for the shockingly late broadcast time that will have some kind of impact on family viewing.
To remain subjective though, the overnights are notably down on previous years. How much of that is due to a shift in how the show is consumed, and how much is down to viewer decline is next-to-impossible to determine right now. The show is still managing very respectable - though not remarkable - viewing figures across the following weeks. This is somewhat to be expected from a "same old, same old" series that isn't chucking much new or innovative at the screen. Its success away from the UK and its continued growth, particularly in the USA, is perhaps a truer reflection of how the show is faring. The UK schedules are cramped beyond all reckoning right now between Doctor Who, Strictly, X Factor, rugby and god knows what else they're managing to squeeze in there on Saturday nights.
I think it's all something to pay attention to, but not something to be hugely concerned about. The show still holds its own in the toughest slots of the year, and it's even performing better overseas. Of course there'll be the doom-mongering from the media, and in turn this is used by people who like to hate on the show for the benefit of the rest of us... so rather than going around in circles for yet another week, me thinks it's time to lurk.