Does/Should "Management Discretion" Have a Future in Rewards?

My experience would suggest that the discretionary "bonus" award is alive and well today, but I wonder about its life expectancy over the longer term.  Given the shift in pay mix that seems to be underfoot, with the possibility of an increasing proportion of everyone's compensation being put at risk, how acceptable will it be to let bonus/incentive awards hang on management discretion?  On management's "feeling" about how well things went?

Some thoughts about these questions in my post today at the Compensation Cafe.  Hop over, take a look and share your take on the matter!