I see what you're saying. Be aware though that HFT systems make it possible for MMs to stuff the bid or ask to distribute low-volume accumulation or distribution activity. Black box trading compounds the problem. This is definitely an inflection point, one way or another.
I am leaning bullish, because I think the Alphaville decision is coming soon (it was supposed to be settled in 2012), and will likely favor GFA.
Stay tuned.