I honestly can't see any signs of cost cutting in the mk7. Quite the opposite. The interior is leaps ahead of the mk6 and on a different planet to the MKV. All round, inside and out, it feels like a quality well screwed together motor. The attention to detail is second to none. I love all the new interior ambient lighting and all the new tech like the stop/start, keyless start and electric parking brake.
I've owned every MK of Golf since the 4 and this one is definitely the best in terms of fit, finish and quality. The MKV still holds fond memories though, possibly with rosé tinted glasses, I think that car is hard to beat. It was brilliant. I think VW got the looks spot on with the MKV and the MK6 and 7, while handsome motors, do not look quite as "right" IMO.