I think you are correct. We have had the Flyer card since March this year and have taken advantage to the 241 offers. We have also accumulated over 30K in FF points with our normal everyday spend. (that does not count the sign on bonus of 30K as well).
I don't want to get flamed but I think most of those who are upset at the changes are those who booked flexis and upgraded. As a family, we only ever fly the cheap seats.
If there was an equivalent card that gave me 4 discounted flights a year and earned us over 36K FF points per annum for less than $170, then show me where and I'll sign up.
Yes, good for some. No good for me unfortunately although it was a great card for me while it lasted. Alas, no more. I've since gone back to Qantas for all bookings now, wheara previously I was doing maybe 60:40 QF:VA.