I can't say this is a wise move, but I moved from Vanguard Inflation-Protected to Vanguard Total Bond. But I will also note that about 15% of my overall portfolio is in a actual TIPS, held a Treasury Direct.

I think the 10-year TIPS is paying about 1.6% above inflation, and to me that is not a very attractive price. I generally try to get 2.0%+ over inflation, which hasn't been available for much of the last year.

During the big crash last year, I got into Vanguard Inflation-Protected at $11.14. That was 12/01/08, when TIPS were a screaming buy. So I got 11.5% capital appreciation until today.

In that same time, Vanguard Total Bond has moved from 9.95 to 10.37, a 4.2% capital increase.

So Vanguard Total Bond has underperformed, but the big move in TIPS is over.