I've been a cash back junkie for years, and I only have gotten into miles/points in the last year or so. My long-standing cards are as follows:

1. Chase BP Visa
2. Chase Freedom
3. Chase Amazon.com Rewards Card
4. Discover Open Road - (I will switch to Discover More once I reach next $50 bonus) - ShopDiscover is awesome...often beats BigCrumbs, Chase UltimateRewards, AA EShopping, etc.

I use the above cards regularly when I am not chasing a promo or when it makes sense. Right now, I'm spending on a 75k AAdvantage Citi Business card at $1,500 spend required. I've only spent $250, but I need to pay a $1,300 bill next week. As a result, I have continued using cards which offer >2% cash back if available on other purchases (e.g. 5% on BP fuel purchases, 3% on Amazon.com purchases, most anything on Shop Discover).

Since my family and I travel to Walt Disney World and Disneyland regularly, I also hold the Disney Rewards Visa. It offers 10% off at a lot of places inside the parks, a free family photo each day at Epcot or California Adventure, etc. It's a great card for those who travel to Disney parks but not much else. Also, the $200 Rewards targeted Sign Up bonus paid for a 3-day Park Hopper Disneyland ticket last year.

I have some old cards with open lines that I keep for credit score value:

Bank of America Alumni Card (low 6.99% APR; I almost never use this card, but it has a $35k limit and no annual fee.)
ConocoPhillips Citi Mastercard (I hardly ever use this card, but it has a $10k limit and no annual fee.)

In the last year, my wife and I have cashed in on the following:

* Chase British Airways 100k miles x2
* Citi American Airlines 75k miles x 3 (2 personal, 1 business)
* Citi HHonors - 40k points
* Amex HHonors - 50k points (I'm keeping this one. NO FEE + The return on groceries, pharmaceuticals, utility bills, and of course Hilton stays are solid.)
* Capital One 110k miles x 2

Most of all, we maintain a fairly conservative, simplified operation in only tackling 1-2 bonus deals at a time.