While scouring the web archives (this site included) to get smarter on the churning game, I see comments here and there about the "end being near" for the great credit card bonuses. In posts/articles from 2008, 2009, and 2010, I've seen someone mention this.

But then I wonder, why have there been such great offers this year? 100k BA card, 50k United/Chase, 75k-to-100k AA/Chase, etc, to name a few.

So this is to all the well-experienced people out there. What are your thoughts on the credit-churning market?
- Are we well past the peak?
- Have we just hit a peak?
- Is it on it's way out for good? Or just for a swell, similar to year XXX?
- Has nothing changed at all?