I had the same experience after about 100 dives in my first 7 mil wet suit. The best way to compare, if possible, is to rent or borrow a similar suit and dive in it. I noticed a significant improvement with a new suit ... besides, having an old wet suit around makes for GREAT padding, arm bands to secure wireless computers, etc.
It makes sense that a wet suit would "wear out" if you understand why they work. The urban myth that wet suits work by "letting in a small amount of water that warms from body heat then keeps you warm" is ... .well, a myth. Wet suits keep you warm by 1) Isolation and 2) Insulation. "Isolation" refers to keeping your body isolated from cold water, letting in as little water in as possible. The oxymoronic claim of a "semi-Dry" wetsuit is basically a claim of good isolation. "Insulation" means keeping the cold water as far away from your body as possible. This is why adding more air to a dry suit keeps you warmer.
As wet suits age (from wear, from sunshine, from being smashed into dive bags, etc.) the neoprene begins to break down and becomes more flexible. The "bubbles" contained in the neoprene compress or flatten altogether. The increased flexibility sometimes begins letting in more water (less isolation) and the smaller/flattened bubbles make it thinner (less insulation) .
So I'm guessing that Santa will be bringing you an new wetesuit, right?