Yes, the news is damaging. However, I am in the camp $350 with CITIGOLD and 15% bonus and 11750 pts yearly with my CITIGOLD account. I have to wait until I see the new benefits for CITIGOLDs and the new Chase Saphire-Elite card to make a move.
Most likely, I will keep this card and continue to pay $350-$250 because the Lounge Club by the Ritz card is very limited internationally. Within USA, I think I will fly exclusively United with United Club membership anyway.
Nonetheless, it is a bad news.