As a separate entity, Aeroplan has no reason to foster loyalty to Air Canada -- only to foster loyalty to Aeroplan. In that sense its a one way relationship other than Aeroplan being a large customer, but they could get this with their own loyalty program.
I'm Canadian, our credit card signup bonuses generally suck. And you really don't have much other choice other than Aeroplan as loyalty program. So I'm kinda stuck.
In the past year AC/AE has removed the AE bonus from Aircanada bookings, slashed the award chart, added fuel surcharges to almost all airlines, made domestic first class bookings fall into Y for most airlines, and now redone the 2013 tiers.
I was always faithful to AC even when their fares are higher. They have a great hard product, and I felt I was well rewarded for the relationship through Aeroplan. In 2012 I started to fly other *A airlines when cheaper (largely US Airways), but I still credit back to Aeroplan as we don't have much of a choice up here.
Aeroplan hasn't lost a thing, they still have my loyalty. Yet Air Canada has started to lose out because of their loyalty program. Seems counter productive to me.