So... my initial reaction to this was... I'm out. I accumulate a bunch of miles (way beyond the necessary renewal requirements) and enjoyed the 45k one-way flexibility it provided me for EU-Asia or EU-US travel. With effectively doubling the necessary miles, saying those become way less valuable is probably an understatement. I can get more value per mile on a bunch of other programs after the devaluation... but... after searching a bit more for other competing *A programs I don't see the grass much greener on the other side when you consider status.

Although most (if not all) of my current longhaul is J/F, I still do quite a bit of travel in the back of the bus within Europe specially with TP and having lounge, etc is indeed valuable. Also, the fact that the status is valid for 2 years allows me to keep my options open and do a bit of flying on OW and SkyTeam and earn status there too. People mention Aegean upthread but they require 70k miles if you don't fly with them which makes TP program look good in comparison. Avianca, which is another good airline to burn miles with, does require a bunch of flown miles with them, which also makes it a no-go (plus going from terrible IT/support to terrible IT/support is always not ideal). The only viable option seems to be SQ at 50k/year, but removing the 2 year flexibility and the upgrade vouchers seems a bit of a waste. Anything I'm missing?

So my current rationale is to keep using TK for status, bank 40k miles each first of 2 years and then move my accrual to either Aeroplan (OK value for EU-US, bad for EU-Asia travel) or Avianca and the rest do OW/ST, knowing and accepting the value of my 40k miles (which would otherwise almost be a oneway EU-Asia) is now... pretty much nil.

Anyway, in the meantime need to figure out how to burn the 100k miles I have banked in the next 24h before they're effectively reduced to 50k lol :-)