From one Bruin to another, it's mostly, probably, that I haven't updated the thread...
Don't confuse devaluation of award charts with being less expensive for merchants to purchase miles. AFAIK airlines haven't reduced the price they sell miles at.
There haven't been a ton of exciting promos, it's true, though the occasional deal here and there. I guess it's even been a year since Delta's Dash to the Gate!
Lots of good credit card signup bonuses, in fact those have really never been more generous. But no Valumags, lots of old standbys (eg Charter One gift cards) have gotten shut down.... Randy's been busy paying off the Inside Flyer Concorde OfferŽ ....
Not sure I have a theory.