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Companies seeking to survive a protracted economic crisis add value and seek to retain their most valued customers. They don't tell their customers, in a competitive market, that their business is not valued and send them to other competitors.
The whole excuse about "unprecedented problems in the industry" is a cop-out. Continental, Delta, and Southwest are all companies who know how to treat their customers and who are growing and retaining their base of loyal high-spending, high-margin customers.
They know that the "savings" from destroying their customer loyalty programs aren't worth the loss of their most loyal customers. They are delighted that US Airways is solving a large portion of the airline crisis by graciously volunteering to drive itself out of business.
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