Maybe a lot of people bought new PCs for the holiday season, crippling the botnets that used to rely on older (less secure) versions of Windows?
For reference, I admin a mail server for a small charitable organisation, and our mail graph for the last year looks like this:
http://dl.dropbox.com/u/4957647/mailstats/mail.png
http://dl.dropbox.com/u/4957647/mailstats/rejected.png
Where the grey is spam filtered by spamassassin and the red is obviously spam rejected outright due to an invalid recipient or an impossible sender or whatever.
The previous year's trend looked sort of similar - I think 2007 or 2008 was the peak in terms of spam we receive and it's been declining on average since then.