You misunderstand me. I'm not talking just about using live trading to arb, middle, sell back, etc.
I'm talking determining probabilities in given situations, comparing that to the market, and making a bet when there's a discrepency, or edge.
What you are talking about may have dried up, but what I'm talking about is just getting started.
And it's going to last a while. Most of isn't done on the fly in the "LIVE" terminal but rather selectively, almost always at commercial breaks. Limits are better, lines are more stable.