I think you need to separate out all of the 'benefits' that accrued from earning SQM's (Select Benefits, e-Ups, Threshold Rewards) and putting a value on those vs. those that came from accruing SQD's (Priority Rewards and potentially status if you didn't get to 250k SQM for a banked SE year)

Everyone values these things differently, but if I were to think about all of the e-Ups from a low-fare paid Y or a low PY redemption to J vs. buying J, I'm ahead thousands there. I just e-Upped last week from a low cost (~$600 Comfort fare) between YYZ - YVR to J on WB's both ways. The difference in fare would have easily been $1400 or more and that's just one trip.

I don't check more than one small bag ever, but for those who do and use the full additional allotment, that's a quantifiable benefit that could add up quite quickly to meaningful $$.

Lounge Access, meh, I rarely use it and when I do I usually wish I hadn't so I don't put much value on that, although Lifetime *G does have good use when traveling outside of the MLL network and that was something that was earned by SQM not SQD.

My MM status, again, SQM's got me that, not SQD.

Then there are certain intangible benefits like no waiting in the Call Centre queue and the Concierge, which to quote the old Mastercard commercial 'priceless'.

What's the value of a Status Pass? Nothing to me, but to the person I give them to could be worth hundreds. MLL Guest Passes, nothing for me, but like Status Passes could be of considerable value to them for those I gift them to...again, all due to SQM.

Thanks to the recent 2x SQM bonus I'm doing several mileage runs that together with my SQM rollover will get me to the Banked SE threshold for a bit over $6k SQD.

So after all of that, I could easily say that I got a lot more out of AC (Aeroplan) than they got out of me this year, and I expect I'm not alone. Nice while it lasted, totally! Sustainable, totally not and it looks like AC is just falling in line with what has become the industry standard by aligning the benefits received by the PAX to the contribution the PAX makes to the Airline.