My daily streak has hit 60 days. After chasing too many lamp post caches and micros on dumpsters and on other totally disgusting places, I can see how someone might say the game is dead.
However I think really all it is that the game is changing and giving people more options.
I've only been caching for a little over a year, but I have an idea of what the caching experience use to be before the phone apps, the rise of urban caching, and caches that require special technology. Even on my lamp post streak, I have had several that were what I consider a traditional geocache experience. I've found several parks I never knew existed, found caches dedicated to people that history has forgotten, seen several beautiful sights I never would have seen otherwise, and encountered some very unique caches.
Then there's the new part of the game...the FTF race, racking up numbers, and fulfilling some stupid challenges. I'm doing that on my daily streak too.
These are all just different aspects of the game. Yes hiding 10000 nanos around the city seems to the growing thing right now, However that's because the focus originally had been on other kinds of caches. They're just catching up.
If you don't like lamp post caches or the numbers game, you don't have to do them. It is fairly easy to tell just from a map or the cache description if it is something you don't want to do.
Basically to me it looks like the options for playing the game are expanding. So I don't think that means the game is dead. Quite the contrary actually, the game is growing and is alive and well.