Pretty interesting article in tomorrow's edition of the Wall Street Journal http://online.wsj.com:80/article/SB1...l?mod=djemseat

"The plunge isn't as severe as your 401(k) or home appraisal, but the value of frequent-flier miles has dropped so far that airline programs no longer drive customer loyalty as strongly as they used to, new research shows"

"Airlines are shooting themselves in the foot," says Henry Harteveldt, Forrester's principal analyst for airlines and travel. "Their loyalty programs are just not worth what they once were to consumers."

Very interesting quote from Virgin America Chief Executive David Cush : "On some flights, he said, a frequent-flier ticket "may be the most profitable ticket on the airplane."