I don't think the value of status on the airline whose FFP you are a member of should be cut but the metal requirements to qualify for status on that FFP should be increased substantially and some of the alliance benefits cutback as well. I realize this isn't a popular view on FT but I don't mind in my case being loyal to BA and keeping my status benefits instead of the airline cutting back on such benefits because of people just hitting the minimum 4 BA flights while flying mostly on cheap AA domestic flights. Same with AC when you have people flying the majority of their flights on UA to gain status.