And that means less reason to collect frequent flyer miles from credit cards (as opposed to flights). Why go out of my way to earn frequent flyer miles that must be redeemed on other things than flights when I can get the ultimate in flexibility via a 2% cash back card? Cash can be redeemed on EVERYTHING.

I am majorly frustrated at the moment because I rashly invited some friends along on a trip to Greece this fall, thinking I could use my miles to get us over there; I have enough for Business Class for all three of us going over, but not enough for Business Class coming back. If they take up my offer to accompany me on the trip, the absolute best I will be able to manage for the return is Premium Economy, and that will be a stretch. In the past I've always traveled solo, and haven't found miles too hard to use, but things change as soon as you have companions - and most people travel with family, I suspect. That really cuts the value prospect of miles. First World problem, I know.