Isn't this already happening? For example, CO and NW are eliminating their off-peak (discounted) awards. Yet, with NW's current FFF2 promotion, it just seems like they are "printing" even more miles. Isn't it already extremely difficult to get free seats to choice destinations, even months in advance?

Does anyone out there think that we are entering a "beginning of an end" of sorts? I.e., will airlines make redemptions more expensive, or will they issue less miles and reward true frequent [B]fliers[B]? Or, less likely, will they make more free seats available? Another option is that airlines might encourage members to exchange miles for other goods, or even discounts. Who knows in which direction we are headed... Any thoughts?