In re the point earnings cut, wow that's really slash and burn! 2% back on all flights even under-performs their credit card. I don't really want to analyze the NK FFP, but even that seems more generous.

I took what is probably my last SY flight last month. I was cashing out my points and couldn't turn down a $100 base fare on the day before Thanksgiving (although by the time I was done with their fees for a bag + seat selection it was $180). Won the (high odds) lottery and flew in a legacy F seat since I'm not sure they have started reconfiguring their aircraft yet. Everything is converted over to one-class service now though, so there was no service other than two free (mixed) drinks in plastic cups. I was surprised how much worse it felt to fly in the same seat but with absolutely no soft product - I usually base my buying decisions almost completely on hard product. As far as I can tell, there is no longer any hot food (free or otherwise) onboard, so I would recommend self-catering.

All in all, it's possibly worth base fare plus ~$80 to sit in the Big Front Seats (and have luggage), but once those go away I don't see any value proposition in flying SY. Rest in peace