What would you do if you suddenly started noticing a lot of unpleasant things about a friend?

There's a friend of mine who is probably my oldest friend, we've been friends since middle school. I'm suddenly noticing she really can be a jerk. She's patronizing, will talk incessantly without letting anyone else get a word in edgewise, and is all about giving unsolicited advice without the slightest thought given toward possibly sparing the listener's feelings by sugarcoating it in the least. I don't know if she's always been like this and I just didn't notice it, or if this is a new trend for her. But I'm more inclined to cut my losses and move on with my life than to confront her about it. That just may be due to my fear of conflict though. What should i do/say?