To summarize what I've gotten from reading this consolidated thread:
*Nobody has been offered an annual fee waiver or bonus to keep the Cap1 Venture card open
*Some indications from CSRs that might change once the fee has actually been applied (but unclear if there is a 30-day grace period like Chase or Citi)
*Several have converted to a no-fee card, others have just cancelled in the hopes of being eligible for Cap1's rumored upcoming offer

Remaining questions: Any additional details/anything concrete re: this upcoming offer and whether it would only be for first time Cap1 users? Also, what impact does closing it vs. keeping it open (downgraded version or regular) have on your credit score? Wouldn't it make your average credit line age decrease (because it would be frozen at 11 months) or does it not count any longer toward that figure once it's closed? Any other negatives from the credit score perspective?