I agree that the B-1 has a greater role now than it did as a nuclear bomber. But I could say the same thing for the B-2 and B-52. In the post Cold War era, the conventional bombing role has taken center stage among the USAF's strategic bomber crews.
The USAF began drawing down its B-1 fleet in 2003, retiring 33 out of its remaining 93 B-1B's. In 2004, the US Congress earmarked funding to restore a handful of these aircraft to operational status. The funds only covered the return of 7 aircraft to service, however, and no additional funding has been forthcoming since then. The B-1 was, and remains a very expensive asset to maintain.
Don't get me wrong. I am not suggesting that the B-1 has not served the US armed forces well. Nor am I suggesting that the performance of the B-1 aircrews and ground crews has been anything less than admirable. What I am saying is that on a cost-per-delivered payload basis, the B-1 is more expensive to operate and less reliable than the less complex, tried-and-true B-52G. To quote Airman magazine:
http://findarticles.com/p/articles/mi_m0IB..._45/ai_77106313
With a defense budget that is already being stretched to the breaking point, the USAF has had to make some hard and unpleasant choices. Looking out across the coming decades, the USAF has elected to continue to maintain the B-52 fleet as the least expensive, flying bomb truck that anyone can envision. Over 90-years after it first flew, the B-52 is expected to still be flying in operational service. No joke. By then, the B-1 will have been retired and replaced by the next generation of stealth bombers - beyond the B-2 - that USAF planners are already known to be contemplating.