I am using services of OLA/Uber regularly since last few months in Mumbai.
I always thought that Black/Yellow cabs are an identity of Roads in Mumbai but was fed up with constant reusals and tampered meters even after introduction of electronic meters. Everytime I come out of my house to hire a cab, I'll face 2-3 refusals before some one agrees. They behave as if they do not want to do business. Try hiring a cab near crawford market in Mumbai, the road is fully jam due to parked cabs but GOD knows where they all want to go to earn fare.
Introduction of MERU and Tab Cabs was a big relief, as we could book cabs and enjoy AC rides and pay the correct fare. The drivers were also earning good amount. But after couple of years, due to the success, as we say in hindi, "Sabko charbi chhad gayee". The drivers started cancelling confirm bookings. Call centre confirms booking but driver will decide, I'll not go. Introduction of trade unions didn't help either. In order to boost the dwindling profits the companies increased the fares and started to devote less amount of upkeep of taxis. The result was high fares and badly maintained cabs. Black/Yellow cabs were back in business.
OLA/ UBER both are good as of now, but as few people rightly pointed out, this will not last for ever. At some point VC's will look for profit and fares will rise. After enjoying success, like all other companies, service quality will not remain same. Example of Flipkart/WS retail is right before us.
So, make hay while sun shines. Jab tak badhiya chal raha hai, jyada socho mat. Enjoy the cheap ride while it lasts. After that our not so trusted black/yellow cab is there.