I think that FFPs will grow in popularity in coming 5 years. As airline struggle to fill seats, they will make them available via air miles bookings.

As the economy improves and demand picks up for flights, they won't need as many air miles bookings. At that point, we'll get back to "air miles devalations" and "program enhancements"

At that point, we will all come back to FT and complain that airlines don't value our loyalty!