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As of lately, unfortunately it's been price. Under the dark cloud of fear that more work could simply go "in-house". (just speaking for the pub office I work at and the telcom acct that keeps our lights on)
Yeah of course price. What freaks me out is its probably always been price, and the places that make it look like its about the work just secretly undercut other agencies.
Or maybe clients actually did value creativty more before the recession. But thats over a decade ago (holy crap), so its just normal now that all agencies just do what clients want, every time, as quick as they can--deathly afraid of losing the business over one too-small logo.