I am not sure what all the fuss is about? All they are doing is giving people more choice. If people are aware of the valuemags/goldpoints deal they are hardley likley to buy from milespy are they? Though people who don't know about the promotion ie non Ft'ers, may not find a way to get miles so cheaply other than taking Milespy's offer. So, every one wins, so what's the problem?
As for the arb issue and the commercialization of this offer, well it seems to me that gold points could be accused of taking advatage of radisson rather than value mags or Milespy, so there is already arbing going on at the commercial level by Gold points, after all they were the ones who did the deal with value mags.
PG are you by any chance that Pudding Guy who has been all over the national media for his exploitation of a so called promotional loophole? If so your attitude seems a little odd.