Friedcat said a few months ago that he would like AM to achieve an annual yield of 5-15%. The 'glory days' of huge dividends are over. I'll have to dig for that post.
He said this:
We had tried several different really intricate and speculative designs for 2014, based on the assumption being competitive in a fully saturated market (average return rate getting close to normal business' single digits per year).
A saturated market implies that the bitcoin mining power consumption and the bitcoin price are in equilibrium. As long as the price of bitcoin can rise dramatically, there is high yielding earning potential for chip and device manufacturers.