You're paying to fly. Points are just a bonus.
With respect I run a business and fly as part of my business. I use points / miles to reduce my cost of flying. It is MY money I spend and I will spend it with who ever gives me the best reduction in my cost of flying by their offer of the best miles / lowest burn rate for the best earn rate that I can later use for free / lower cost flights to reduce my overall cost of flying.
Lounges are nice but all airlines give them to high mileage FF. If I never was given QF F lounge again, it would not cause me any heartache. While the QF F lounge is the best I have even had the pleasure to visit, any lounge is better than waiting at the departure gate.
Airplanes are just long and boring air taxi rides. They are not the reason I fly. They just get me to where I need to be quicker than any other means of transport.
Why anyone would look at what airlines offer as other than that is beyond me. We BUY the miles with our payment for the flights. The airlines GIVE you nothing that you have not already paid for. Their reward schemes are there to BUY your loyalty / spend by giving you back a small percent of what YOU spend so you will send even more with them.
QF have made, in my opinion, a big error in thinking their high SC earning WPs that fly -Y have negative value to them compared to all the other Cabin/Status members in their bonus miles matrix.
http://www.australianfrequentflyer....ing-qantas-frequent-flyer-changes-qfmiles.jpg
Why QF thinks that a Gold who earns 600 SCs a year and flys -Y deserves a 50% increase in bonus mile earned (which reduces their cost of flying and earning the 600 SCs), while a WP who earns 3,200 SC a year (over 5 times what the Gold earns and spends) and flys -Y (like the Gold does) deserves no miles bonus increase (no decrease in their cost of flying for earning the 3,200 SCs yet spends over 5X what the Gold spends on the same -Y service) is beyond my understand.
But no matter, it is not my place to question or winge about the QF decision but only to react to it. End of April 2011, QF wiped off the 3,200 SCs I earned last year. This year I would have earned at least 4,000 SCs. Fair enough it is QF's call as to how they reward / give back to me some of what I spend with them. This year, as a direct result of the QF "Enhancement" of their policy toward WPs who choose to fly -Y, I will earn QF WP, AA EXP, SG Gold, SG PPS Club and maybe DJ Gold so I can learn now other airlines help their FFs to reduce their cost of flying by giving back to them some of what they pay the airlines.
The bottom line is NO airline give you back ANYTHING they have not gained from your business with them, either directly or indirectly.