I love it when people say "you get if for free, what are you complaining about" but we actually work to earn these "rewards".
Calling product registration and survey participation "work" is absurd. You sit at a computer for a couple minutes and you don't even need to fill in the answers correctly if you can't be bothered to do so. I'm having a really hard time believing that the surveys are greatly affecting marketing budgets. I'm sure Nintendo looks at the results, but you're giving consumers way more credit than they deserve for this.
Honestly, I'm surprised and a little baffled that you still rush to register games at the deadline. Why are you doing this to yourself if you've been so disappointed? All this for not getting some trinket that you might glance at on your shelf once in a blue moon. Sure, fine.
The disappointment comes from knowing that Nintendo could do better though, even if sticking with purely digital rewards.
Where do they draw the line? Every year, regardless of the reward, someone somewhere is going to act like an entitled cry baby about what they didn't get. Ultimately, this is one of those no-win situations for Nintendo. This wasn't a problem when there was no Club Nintendo. Once Nintendo started offering rewards, people started complaining about them.