It does seem quite steep. In previous years, at least if you bought up/back to Plat that would be followed by an additional year of soft-landing gold-- adding a good bit of additional value.

If one is mileage-run oriented and is gonna do a fair bit of flying in 2015, some well-priced January/February (or whenever) mileage runs would be applying that amount more productively, in many cases.

But, many people -are- paying these prices, so, I certainly wouldn't argue that they priced it too high at all (manifestly they didn't,) just that it's probably more appealing/suited to non-flyertalk types who aren't as war of the options and value of these things, etc.