I feel the 1Ks are missing the forest from the trees.
1. Average 1K probably accumulates ~200K miles/yr
2. This new system is probably a 20% devaluation = $400
3. You're still awarded 6 GPUs/yr. Worth $2K each = $12K
4. The new PP will suck up a huge # of GPUs making Polaris upgrades more accessible.
5. Mileage devaluation will require more miles for flights, thereby leaving fewer miles for Polaris upgrades. So again, Polaris more accesable with GPUs.
So the financial impact of the devaluation is minimal when you look at the big picture.
If you're not 1K, I agree you're screwed. UA needs fodder to fill the seats not consumed by high volume flyers. You need to figure out whether you want to be this fodder.