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barrysloateTed's points are well articulated and I share his concern that grading, particularly for high grade cards that fall in that registry area, has priced most collectors out of the hobby. However, grading is likewise the single most important factor that has fueled the growth of the hobby in the last decade. Without slabbing, a great number of people who have entered the hobby in a serious way wouldn't have lasted more than a short time. After getting burned on altered material, they would have left in droves.
The internet of course is the other major factor; instead of the occasional weekend show, you now have an even bigger show 365 days a year.