If you keep your long-haul below 5000 miles, the new program works very well. My usual route to Europe (until I needed the miles to make SE again) was YVR->YYC->FRA, and I'd only upgrade the YYC->FRA portion. By the same token, flying TPAC, I'd fly YVR->NRT and upgrade that, then hub out of NRT.

My only concern is that with the elimination of the LH YYC->FRA flight, my chances for upgrades on that route will go down.