I was surprised when a colleague who is elite with another airline started talking about the free drink coupons they receive with every check-in and it reminded me of the days when it really meant something to be a CO elite other than getting on early. Now, if you don't get bumped up you get a chance to buy your food (since when is a Jimmy Dean breakfast sandwich healthy) with no other advantage. Don't get me wrong, when I see the late non-elites have to check their bags because overhead is full I am thankful and maybe that is what Smisek's eventual plans include for the only elite bonus.
Remember Smisek is an acqusition lawyer at heart and since when did either of those callings value customer service.