I also see little need for something between G and P. And I agree that P is much more valuble than G. And I also agree with the need for a "Diamond" level...maybe at 120 to 150+. At this level, at least on domestic, DL should provide a confirmed F seat if any seat at all is available at the time of booking, rather than making us wait until the last minute just in case somebody decides to pay for F. In any event, a DM would of course have priority over PM.
Note that I think there is still another level:" Executive Traveler"?, which is given to CEO's etc. of major corps. The idea is that these people may fly private jets more than DL, but they can certainly influence the airline that their employees fly, so DL wants to keep them happy. I'm not sure exactly what this designation gets them, but I'm sure it doesn't hurt.