I have graduated from the Mechanics and Mathematics Department of Moscow State University in 2008. Regarding the level of education: First, the rating http://www.arwu.org/SubjectMathematics2010.jsp
indicates that by the criterion of Score on Alumni MSU continues to lead (it takes into account the number of Fields medalists among alumni). I believe that the level of education is still high, although, of course, not comparable with the level in the Soviet Union. Students receive a thorough fundamental mathematical training. A lot of core courses, starting from a third-year student chooses a more narrowly focused direction and should attend relevant courses and to write a coursework each year. The main disadvantage - little requirements, formally anyone who got accepted can graduate from the University, a lot depends on just a personal responsibility of a student. The general secondary education is getting worse as well. The Duma is now considering the project that math and Russian language will be optional subjects, and only three subjects will remain mandatory: Basics of life safety, Russia in the World and P.E. But I think the level of special schools (physics and mathematics lyceums) will remain high, and Russia will still give the world of geniuses like Perelman. Concerning the science: Its level continues to rapidly decline. Graduate student in Russia gets official stipend of $ 100 + room in a hostel - is it possible to survive? Therefore, many graduate students are forced to work, and this of course has bad impact on their academic level. This also applies to professors - many of them works additionally at other jobs, for example, to buy a home. This is sad. Mathematicians do not need a lot of expensive equipment, but the technical equipment of the physical and chemical laboratories is mostly out-of-date. Also, despite the Soviet anti-Semitism, science has always been an objective and transparent, best scientists were highly appreciated. Russia tries to regain its scientists, but there is no big progress - because the problem is not just about money.