Just finished an MR myself.
I just completed an MR for Elite 2011 over the weekend here...
SEA-ORD-BWI BWI-EWR-SEA on Continental. My cost was only $220 CAD taxes in, booked 4 weeks ago.
This was booked before I knew about these massive Top Tier reductions. I do not plan on making Elite for 2012.
I don't think I would bother making a mileage run for $800 under these conditions, you'd be better off saving the money for the fare, or purchasing an annual lounge access membership.