http://tinyurl.com/5axbyl

"...the SEC is planning a “complete overhaul” of the rule, according to SEC Chairman Christopher Cox. Yes, “complete overhaul” are the words Cox used in a speech on February 8 at the SEC Speaks conference in Washington."

"The SEC began re-examining its 12b-1 rule because critics have argued that it’s gone well beyond its original intended use as a marketing and distribution fee. Instead, 12b-1 fees are used to pay for a wide array of services—mainly compensating brokers..."

At least for American Funds, the expense ratios seem reasonable.  The front end load is another issue, but I have enough to invest that the front end load for me is not that much.  If I were not so good at researching things myself or if I were too busy to do it myself, then the load would be well worth the advice from an advisor.  But I know more about the issues than the advisor who gets my load so it does kind of bother me.  The expenses bundled into my expense ratio don't bother me so much since the AF ER's seem reasonable compared to other fund families.