There will never be a significant exchange method for FF miles between programs at good exchange rates. The programs are simply not going to cooperate with any kind of program which attempts to make the points in all programs fungible commodities. If the points of each airline were fungible, the traveler would lose all incentive to stick with his favorite FF program carrier. The traveler would simply take the best flight (whether times, or non-stop, or cheapest price) and transfer the points back into his favorite currency. Thus, I don't think you will ever see a new point exchange enterprise enter the picture which offers anything significantly different that the current offerings of points.com. Making the points readily exchangeable with other points would reduce a traveler's incentive to stick with the program, and would dilute the very reason these loyalty programs exist.

Djlawman