Love VX, but Elevate is the lowest of the low.

Earning ability is based directly on dollar spent.
Award choices are the same. Unlike TrueBlue there are never discounted percentages on redemptions.
VX often has 10-30% coupon codes. Those are for cash fares only and not on elevate redemptions.
No Elite-Level programs.
Partnerships are alright for earning, but international redemptions are incredibly overpriced as there are no economy periods of redemption.

If we're looking at a huge bell curve where some company has to have an A, and some has to have an F- then Virgin America is the F(ail).

Still a great airline, but the Elevate program is not an enticement to frequently fly with them, and if you had to fly many of their routes very often- you'd be much better off with a legacy carrier or even JetBlue who offers some bonuses for long hauls or redemptions.