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bhobba
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Frank Castle said:Is it purely due to the running of the coupling with the energy scale then? (I know a very small amount about the renormalization group, but not much)
Read my introduction to renormalisation:
https://www.physicsforums.com/insights/renormalisation-made-easy/
Its a very very brief, but as far as it goes, correct introduction.
Then read:
http://arxiv.org/pdf/hep-th/0212049.pdf
What you wrote is basically correct, but its a lot more sophisticated than that - its do do with renormalisation group flow. What fooled physicists for a long time was many of the constants that appear in QFT equations like charge, mass and (as you point out) the coupling constant depends on the cutoff.
But it can't be pushed too far because of what's called the Landau pole:
https://en.wikipedia.org/wiki/Landau_pole
In fact it's an indication that QED is sick, and indeed we know long before the Landau pole is reached another theory takes over - the electroweak theory. My understanding is that also has a Landau pole and exactly how that is handled my knowledge comes up short - maybe some of the more knowledgeable posters here can comment.
Thanks
Bill
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