just my 2ct on this promotion
it cannot be compared to the referenced UK SEN status match (sorry NewbieRunner for mentioning this

) ... why?
1. you have to spend a large amount of money for this promotion
2. you have to be organized to stem such a HON-run. it will be much more expensive when you don't find enough companions to fill a private jet.
3. this promotion will be discussed here and in some other frequent traveller forums. the huge bunch of other frequent flyers won't hear about the promotion and the very FT-like creative solution to trick the system. and when they do it is probably too late :-)
i don't expect that a huge amount (more than 50 people) will make / retain HON through that promotion. maybe more people will re/qualify for SEN.
moreover i agree, it is a very sick idea to run from zero to HON with that private jet promo - but hey, that's the spirit of FT. i am highly tempted to spend around 9500€ for that promo.
why? because there is much more than a shiny black card in the wallet.
1. HON circle status for almost 3 years and afterwards 2 years SEN status meaning 4 years of not worrying about SEN requalification
2. 6 additional eVouchers
3. the promotion (5 round trips) generates 525.000 award miles worth 5 longhaul business class round trip tickets with HON availability guarantee or approx. 4 companion award longhaul business class award tickets. when you value one longhaul C ticket (excluding taxes) with approx. 2000€ then you gain a value of around 8000€
4. highest op-up-priority (how many regular HONs do travel longhaul economy)
it seems everyone is worried about the crowding of the lounges - i don't care much about lounges - the last two times i have been to a LH F lounge i just had a glass of still water and did not stay more than 30 minutes. (my definition of luxury: you can have/take everything, but you don't have to ...)