It certainly is a major devaluation (especially when the cancellation of the "Personal Shopping Days" is factored it.)

I haven't seen any 30% off coupons in a while, but I hope that all Borders shoppers are aware of the following:
http://www.visitborders.com/index.php?c=A
which is a 20% off coupon, always good for the next 6 days after printing (unlike the weekly e-mailed coupons which expire in 3 - 4 days.)