I thought about it some more, and realized there is yet another consideration with in the money warrants.
If a company has publicly traded warrants, they were almost originally issued as part of "units" consisting of common stock plus warrants, and then the warrants were registered by the co to allow them to trade separately from the common - this is why the symbol is ----W not ----U).
The point here is that the VAST majority of the warrants will be held by the original buyers who got them in the offering or private placement who by definition also bought (and likely retain) the common stock. All of the entities are well-capitalized. Most if not all of them view the warrants as a "kicker", they are not looking at them as a way to own more common shares.
An obvious exit strategy for these people to close their warrant positions is to short the common (which, other things equal, would drop the common price and reduce how far in the money the warrants are)., then exercise and deliver the shares received from the warrant exercise to close the short.
The effect of all this on small retail holders of the warrants is that the warrant price goes down.
If I could afford to buy all of them, I would not need to buy any of them and I sure wouldn't be spending time on the message boards!
