Personally, I think that all the fares will be the same across the board for a while, and extending my status a year would "keep me from straying" when coupled with the elite level bonuses. After all, if you made elite, you can deliver more business - and you should be given incentives to pull in more business - like, sign up a friend for a midlevel status, and if he/she makes it in "x" days, we will give you "y" miles and 50% bonus for the rest of the year on what your friend makes - that's right, the "Meet us half way (tm) (sm) (c)" offer. When you sign up that friend who qualifies, you will earn a 50% bonus of all base miles earned by your friend until the end of the year.
Think about what that would do for a promotion!
If it's just, here's your card and good luck, well, "if I were running an airline" I would be comping midlevel status like crazy and doing "personal perq's" (Hello Mr. Jones, we have your favorite wine from our selection onboard for you today) type of stuff, rather than blowing miles out my backside - and winning over the hearts and minds of the flyers.
(By the way, if anyone in the business uses my offer, I want a lifetime top status, minimum!!!)