There is no denying that mining will centralize. The higher the market cap, the more centralized it will become. The only way I can see this not becoming more centralized is if somehow major corporations for whatever reason under the sun begin to see bitcoin mining as a revenue stream they would like on their books. I think this would lead to major companies running mining operations just to try and get a bit of the bits. That being said, the likelihood of that occurring is slim to none.
Didn’t Satoshi himself even say that as the currency became more widely adopted that cpu’s would not suffice as miners and more server-like systems would be built to mine the majority of the new bitcoin? I think the ultimate question is, “How centralized is too centralized?”
I think the current state of mining is not too centralized; however, I think I am in an extreme minority within the community of bitcoiners.