Thanks for getting input from FT on this. Here are my thoughts:

Overall grade: B+

Pros:

• Elite status is easy to maintain once you have it
• Comp upgrades to business class are good, but it would be nice if they were confirmed at t-24 hours.
• 4 credits to get a confirmed upgrade to business class is great. Probably one of the best uses of miles/point out there, especially on a long-haul flight
• Business Class is a good value
• IFE (wifi and XM radio) are both good

Cons:

• No airport lounge
• credits expire after one year (or two years if elite or A+ Mastercard)
• Limited route network (can redeem credits on any carrier, but for a huge premium)
• Award travel is sometimes difficult to secure, depending on the destination
• Only FF partner is Frontier, and the future of that is in question
• No buy-on-board food option
• Seat pitch is tighter than other airlines in coach

I realize you asked about the Rewards program, but my comments strayed into the overall product, which I think should be considered when discussing the rewards product.