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It does seem low. My starting point (or Greg Lemonds) would say 77.7cm. Is saddle fore/aft changed at all? You might feel the need to have it lower to bring bars nearer and compensate for over stretching? This is probably my best guess. Try it out on different (smaller?) bikes and see if you need the same.
Any injuries, body changes, changes to exercise etc?
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My saddle has come down over time (cleats are all the way back too). The bike fitter I visited last year put it up by by about 5cm!! About a month later I got a hamstring injury which I fully attribute to that. ~4months off the bike and I'm now riding relatively pain-free, with the saddle at the previous lower position.
I'm finding my saddle height now needs to be much lower than I'm sure it was a few years ago. It's around 74.5cm now. I know you can't do bike fit by looking purely at numbers (or on the internet), but for a 186cm tall rider of fairly average proportions (88cm inseam) seems to be a bit lower than the usual range. It has been in the high 70s in the past. It's not really an issue other than the 58cm frames I used to ride now seem too big. It doesn't feel too low and the leg extension and angle of knee seem fine. One difference now is I have the cleats slammed all the way back, but that can't account for it completely. Has any one had this before?