The issue here, is mainly about the timing of the hikes. To say the hike is badly timed, is an ultimate understatement, and the governments line of "Better one big hike at once rather than many small hikes" on exacerbates the feeling among Singaporeans that the gov't doesn't understand, which face it, they don't...
As for the examples of poor service cited by Silkmagic, I think the one that really deserves condemnation if the LRT fiasco. In other countries, the level of breakdowns/disruptions etc would have triggered a Board of Inquiry already. Alas, all we've gotten is apologies and excuses....apologies are good, but what action has been done to remedy the situation?
Buses getting into accidents? I think thats unavoidable, it might not always be the bus drivers fault....
I can think up of a few other areas where services can be improved. I have taken buses in Singapore several times when I'm back in Singapore for school breaks, more than once I've boarded an aircon bus and paid extra only to find the aircon not working. Once after having the bus stuck in the heat at Orchard Road I finally snapped, called SBS Customer Service and gave the chap at the other end a piece of my mind. Basically questioned him on SBS policy on broken down a/c in buses and when I found out that the bus driver in question was violating policy, basically made some pretty nasty remarks(no vulgar language don't misunderstand) to him about getting better training and more rigid enforcement of the rules. When he promised so, I snapped "Yes...please do" in a sarcastic tone and hung up. Moral of the story, don't just gripe, do something about it...
Another gripe I have is over what I feel are unnecessary frills such as aircon-ed bus interchanges and TV Mobile. The latter is a useless piece of crap if I ever saw one...takes up space which someone can be confortable sitting on and more often than not can't be heard over the bus engine. Maybe if they cut back on useless crap like that we won't need to hear bloody SBS,TIB etc bleating about 'increased operating costs'..altohugh I gotta admit, watching Lisa Ang hosting Hey!Singapore on TV Mobile sure made the trip from Eunos to Bt Timah a whole lot more bearable!

Finally in their defence, I'd like to end by saying all things considered the public transport system in SG is, to be honest, pretty good, and not unafordable yet, although I don't know how long I can say that. What must be addressed is wastage on unnecessary luxuries, inefficiency and a tendency to raise fares as the first and only resort to address rising costs rather than the 2 points I brought up.
If anyone is interested in hearing about my horror stories of public transport in Melbourne do let me know...I'll be glad to tell them here...