This deal has been around long enough that I think it may have withstood some severe abuse already. Back in 2004 I looked at the opportunity and posted some discrete Flyertalk messages on the subject. Back then there were much more of these types of miles earning cards to choose from. As others have noted, the deal is a hassle and I only did it infrequently to top off accounts when I was close to an award. In the many years it's been around, I'm sure there has been much abuse by others.
But these particular types of miles earning cards are fast disappearing of their own accord, whether or not Ron Leiber writes about them. It seems they are not worthwhile money-makers for the banks. The trend is that either their earning power is diminished, they get discontinued, or fees are inflated. They are almost gone.
As for FWF, I'll second that. That forum has been much more profitable for me than FT
