I am a very long time frequent flyer and have enjoyed the benefits of programs of old (so to say). But I still think that today's programs are excellent value considering how airfares (Y in particularly) have decreased in real terms, the bonus points / EQM awarded to elite members and the very significant improvement in all airlines' C and F products. Also, many members earn huge amounts of miles without ever flying anywhere - credit cards and os on - something not possible years ago.

There are still some wonderful deals around particularly on american airlines' programs - compared to Asian airlines (e.g SQ) and Australian (ie QF) programs. (I just booked 2 F tickets on SQ/LH SYD-MUC next year with no problems getting seats on my preferred days for 150,000 miles per person). The only thing I don't like is having to plan a year in advance to get what you want - not that it's impossible to get awards later but if you really want to be sure ....