There's a very similar thread that's had a lot of posts today which covers a lot of your post:
http://www.flyertalk.com/forum/briti...worthless.html

Remember that loyalty to BA and BAEC though aren't necessarily the same. Personally I have remained loyal to BAEC as the Oneworld alliance has suited my needs well and allowed me to retain Gold status (earning and burning on Oneworld airlines via BAEC). This has continued a long time after my loyalty to BA has waned somewhat. I used to like to Club World product a lot, it was one of the better business class products out there. Now it's not (eg eight seats across a widebody aircraft just looks poor these days amongst other things) and the choice of better and typically cheaper alternatives from LHR is proving an eye-opener for me.

You have a lot of Avios and a wider choice to use them.