Air Canada is slowly moving to distance itself from its FF program, Aeroplan Inc. Aeroplan has gone public through an income trust IPO and ACE the parent will slowly get rid of the whole company IMO. The airline has taken back control of the program from Aeroplan and the signals are that Aeroplan will become a "distributor" for AC seats with different points levels for different services provided by Air Canada. By next year they, Aeroplan, will be selling seats on AC having many points levels for seats. And, the more points you are willing to pay the better class seat you will get. Closer in to flight time will also cost many more points,etc.
The relationship between AC and Aeroplan is now one where AC buys the points it gives out just like a bank does and Aeroplan buys its seats for cash from AC. So, in the future if someone wants to redeem points for a J class seat on short notice they will have to pay a serious premium in points but will be able to redeem them.
Aeroplan has also put out a catalogue of other items one can buy with points and this will continue to increase.
AEroplan will continue to loan its name to AC as a FF program for now, but I see, in the next few years AC reclaiming the program in its name and reconstituting FF benefits and points redemption in airline terms only.