Yes and no. The end is already here for many of us, since the awards are nearly impossible to redeem on many routes.

Miles are still great to the extent you can use them for upgrades, but I don't have status so I don't have that option. On expensive flights, I have concluded that it is so difficult to get an award seat that the value of any award (considering the gymanstics one must endure in order to redeem) place the true value at less than a penny per mile. For this reason, I'm switching to cash rebate credit cards.

But I'm still collecting miles from MCI, Goldpoints, etc.