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No, it's not your imagination. The Quaker Oats dude (aka Larry Quaker) has gone on a diet.

ipsedixit | Mar 28, 2012 10:24 PM

Redesigned logo on the right, compared to the old one on the left.

From the WSJ article describing the "new" logo:

"The rosy-cheeked, white-haired man smiling out at you from the Quaker Oatmeal box is getting a haircut, losing some weight and dropping about five years from his age."

Excerpted from here:

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