Bruce,
I think the $40s is a "normal" level, since the lows in early 2009 were around $30 (when only the Champions existed) and the highs were a tad over $50 for Champions, slightly lower for Contenders and Challangers.

Of course, we've seen some volatility for several months, so the averages have been up and down...as you can see on the Summary tab. On some occasions, one company can make a big difference. For example, when CenturyLink got deleted, it menat the Champions average yield was bound to dip, but their average most recent increase went up, as did the average price (since CTL was in the lower $30s).

If you compare the average prices at 11/30 to where they were at the end of 2010, I think you see relatively good value, with teh Champions a couplke of dollars lower, the Contenders slightly higher, and the Challengers a little lower. I would guess that two things are at work here:
1. In general we're about flat for the year (in price, but people have received about 3% in dividends).
2. The averages have been pulled down a bit as companies "graduate." The newer Champions tend to have lower prices and yields, as do the companies graduating from Challenger to Contender and the new (5-year) Challengers. In other words, any "new blood" seemes to come in with lower yields (that have more room to grow). That suggests excellent dividend growth prospects.