You forgot to mention the fact that award chart redemptions have also gone up, significantly.

I get your point....for example now you can earn up to 9 points in hilton with the surpass card, 6 for select categories, 3 standad. And you can get 50K-70K sign up bonus. Before the standard was only 1 or 2 points. But, hilton properties are up to category 7 for 50K points per night! In 2006 I did a eurotrip and stayed at Scandic chain that used to be in the hilton group for 10K per night! 10 nights for 100k!! Point stretchers for 12K, lowest category 7.5K, and there were many of them! Now an Average hotel is 30K, 3 times as much!

Before you could churn CC every 90 days, example a Citi AA Mastercard, true the bonus was only 25k, but in a year at least 100K. I churned for many years! Now you can get 75K for one card, and maybe not be eligable for another 18 months!

Yes, now it is easier to get an enormous amount of miles, SPG 30K, BA 100K, capital1 100k, Amex Plat 100K, etc, etc, but some programs, such as BA have certainly devalued!