Booking/payment times aside, this doesn't look as if it will make any difference to QFF members: M was always counted as discount Y, just as L is. However, the new reduced mileage earns for BA and AA [which kick in on 1/1/04] will have an impact, but this would've been the case for M anyway.
QFF members will need to avoid EI if mileage earns are the reason for travel.