The new 'dynamic pricing system' that UKtravelbear alluded to is discussed at length here - Virgin Atlantic reinvents Flying Club Every seat available with points

It is fair to say that a LOT of people are unhappy with it, but there are some bargains to be had if you hit it lucky. There are JFK - LHR saver ares for 6k points (plus taxes and carrier imposed surcharges) so I don't think the points are worthless.

A lot of people (myself included) are ruing the old days of points collecting.

Nick