We (AX customers) weren't even devalued! SPG Gold never came with a lounge or breakfast either, it's more that AX got a two year boost in status.
Calling it the end of a "boost" instead of a devaluation of Gold really doesn't matter to me. All I know is that I have lounge access now and that on August 1, I won't. To me, that's less value. I would not go as far as some suggest in calling it "false advertising" or cancelling my AMEX card. Programs and perks change over the years, as do my travel patterns. I accept that. If there's a way to keep the lounge access I enjoy by paying a few hundred $ to hold board meetings I'm holding anyway, I'm all in.
If not, I guess I'm heading to Hiltons in August.