Have NWAC ratings been reduced?

My experiences in the field during this cycle have been in line with NWAC predictions. Each day out, we didn't see the truly reactive instability I associate with 'High' danger. There haven't been reports of any low-likelihood, huge-consequence strata, either.

Sure is a lot of snow, though.

Have there been many reports of large natural avalanches?
Based on my observations they are right on. There is an amazing amount of new unconsolidated snow, but from what I've seen, it's staying put unless directly influenced on suspect terrain. Have you noticed the flocking on the trees? This snow is pretty comfortable sitting where it fell.
I dont think forecasting avalanche danger takes into consideration the threat of tree well immersion and deep snow safety (at least I hope it doesn't).
An avalanche's threat to me and my ski buddies is only one small part of my personal risk/benefit analysis.