See the article below. Although primarily about a current deal on mile redemptions (~25%) on VS, The Points Guy also reports that YQ has dropped for economy redemptions, and unlike the redemption deal it looks like the YQ drop might be here to stay.
I tried an LAX-LHR return flight, and found one for 35,000 miles + $401 fees, substantially less than the normal 45,000 and ~$700 in fees. With most currently available economy return flights priced at ~$1201, this is actually not bad value for VS, and from what I can tell gives a better cpm rate than any of the competitors on most transatlantic routes, despite YQ.
http://thepointsguy.com/2013/06/virg...ards-worth-it/