So under CPPSBAM, every time I point my miners to a new eligius address... my old address will effectively be an 'inactive miner' and although the EC credit is there - it's effectively lost to me unless I point some hashing power there again??
That would be correct.
Is everyone else just using a single payout address?
It would be in your best interest to use the same address (and most do) to ensure steady payouts, even under the existing system.
-wk