I wouldn't get too excited there
My guess is that they will eventually rise up to the minimum standard required to maintain a certain percentage of PE or J class paying passengers.
If I had to guess, I'd say this will centre around ironing out the wrinkles with the in-air product. They pretty much have lounge, PB, PSecurity and priority baggage working. Until they decide, if ever, to join a global alliance the FF scheme is probably not going to get 'better' for us punters either. They need better outcomes with in-flight food and rogue planes.
Whilst the hard and soft product can probably be argued ad infinitum, I suspect that what we currently have is mostly all where going to get - but they desperately need to work through consistency issues with their customer facing product in the air.