I think the loss of "romance" is a big factor in elite dissatisfaction. Those little details handled with a lot of care and special attention.
Make us feel excited about earning and redeeming miles. Make us want to share this "secret" of elite travel with future loyal customers and grow the airline business.
VIP2s on AA made you go anywhere you want and grab the available seat. Now what - we stand in line with million other non-elites and wait and wait until an upgrade clears. Where is the pleasure factor?