D-
Pros:
Only one - the program is actually revenue based rather than mileage based, rewarding those who spend the most on the airline rather than those who spend the most time on the aircraft.
Cons:
- 18 month hard deadline expiration of points means that the vast majority of occasional flyers will never earn enough to redeem an award.
- No international premium class awards (indeed, no international awards at all). A mid-level frequent flyer with an affinity credit card on a legacy carrier will usually earn at least 1-2 free international round trips per year in a premium cabin. EleVAte does not provide anything similar to this. This may change when VX starts picking up partners, but for now it means that the program is almost useless for me.
- No special perks for very frequent flyers. Even Southwest sends a pack of drink coupons out with every award earned.