Looks as though the equipment and fares are good. The shortcomings seem to be in service on the ground and the treatment of exceptions (some airlines treat any unusual circumstance as a passenger problem rather than them out).

I can go on and on about what I expect as an elite flyer at an airline. Premium seat selection in Y is a must (AA and UA both do this and most of their partners do). I fly in the last minute a lot and expect loyalty to be repaid with some perks. Recognition and "special" services are key. It seems to me that Olympic should be peered with second tier players rather than the top tier ones (OW, Star partners, NW/KLM, DL/AF).

I have found only the OW/STAR partners and a few others get the idea of FF program pioneered by AA. It is not just about giving some awards, it is about making your customer identify with your brand, take pride in it and look forward to flying with you. You find FF enthusiasts as you do Mustang fans, Mac evangelists or Sports fans. Run of the mill, "me too" programs such as Olympic's just do not seem to understand this key concept. (I am going by what LHR/MEL/Europe FF said above about Olympic and some other reported experiences)