Great analysis, TRVLRZ. This question has been asked several times and I always note that there are quite a few people who take the position, quite confidently, that their miles and the FF program are not at risk. It may be unlikely that WP just disappears one day because it's generally profitable to issue miles, many of which simply don't get used.

However, the devaluation of the miles continues... for example, I can't find a single standard SFO-SIN WBC award in the next couple of months, despite the fact that I'm a plat. The same is true of the business saver award at UA, can't find any at all. Airlines are going to continue stretching our tolerance to the limits by reducing availability, increasing the number of miles issued, and devaluing status. The only thing we can do ito protect ourselves is to use those miles when we can and keep a small balance.