Urgh. As a cheapy-economy flying, regional-airport-using BA member, this offers pretty much nothing good for me! European RFS redemptions (which is pretty much what we would do most of the time) are now going to be twice the price. Flying Blue of all things now looks competitive, when it comes to European return redemptions - 18,000 Avios + £70 vs 20-25,000 miles + just over £70 taxes for a random destination, for instance.
Purely domestic redemptions are still decent value (especially if they can be booked as off-peak), I guess.
For booking paid flights, if the price difference between BA and another carrier was pretty small, I'd always go for BA - the increased Avios earnings and great value of European RFS would make it worthwhile. Not convinced that'll be the case any more, if I'd only be earning 25% or 50% miles whichever airline I choose!
On the plus side, it looks like we should be able to upgrade from (fairly) cheapy economy to WTP with Avios. On the downside, cheap WTP tickets now only earn 100% Avios, not 125%.
Was just looking at plans for our summer holiday last night. Think we might be booking some flights pretty sharpish!