The marketer's answer to this question is simple - keep testing and raising conversions. If your goal is profits then that is all that matters.
However I think people are becoming more resistant to "standard" sales letters and there are opportunities for innovators to excel, but as long as people keep buying after reading a "thick" sales pages people will keep using them. It's just like infomercials - I hate them, I would never buy from them, yet they work. As long as they make sales late night TV will be inundated with them.
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