So it's been noted that if Virgin Atlantic goes bust, Delta and Air France/KLM may or may not honor Virgin Atlantic Flying Club frequent flyer reservations and points.

What about this : is there a chance Delta and Air France/KLM will honour existing booking made with Virgin Atlantic points before the bust, but won't honour any points simply left sitting in your account? If so, you need to book now, and your booking will be honoured. Snooze you lose.