I second the thoughts expressed by wormwood.

I too, have been involved in other airline's promotions, partner credits and bonuses. Time that it took for crediting was up to 6 months, and I could never even confirm with the major airlines if my information had even been received.

Before anyone decides that I am speaking for the masses, I am not. I am speaking for myself, based upon my personal experiences, prior to, and with LP. I am entitled to my own opinion.
I would encourage others, that have not posted to share their thoughts. In the business world, it is believed that a disatisfied customer tells 10 people, while out of 10 satisfied customers, they only tell one. I have followed the posts since last May, and find it odd that not nearly the number of different people continue to post. If the same people would take the time to post their status/opinions, the board could possibly start to reflect the overall situation between LP and the people involved with the promotion.
I chose to do the promotion mainly as a mileage run. I paid my money, and the airlines provided the flights as per our agreement. I did not use the flights to go on a "vacation" or "business trip." Even though I did not take full advantage of visiting the destinations included in my itinerary, that was my choice. The LP carriers still delivered me from city to city, as per the ticketing agreement. The promotion is a bonus, in addition to providing the contracted flight service. I cannot consider the MM bonus the only thing of value received-If I had more time, I could have basically seen all of Central America, and northern South America, with all my flights costing a couple thousand dollars (I have since returned to Central America on an award, and plan to go to Cuzco later this year.)
The MM bonus hugely generous. This can be evidenced by the hundreds of people that did it more or less just as a mileage run. We all know that the reason we did it was that the points could be worth many, many times the cost of the run. Due to the number of people making the run, and the value of the bonus points, I have always though that LP would have to regroup somehow, or cease to exhist. I met many people during the run over Memorial Day weekend that shared this thought. Thus, it comes as no surprise, and somewhat of a releif that they are placing some limits on point transfer and yearly use. It tells me that they are trying to stay afloat with the huge burden of bonus points on their backs. If the limitations mean that I will ultimately use the points, I am all for them.

I think that some people will be unaffected by the limits. I have seen posts by people that have had definite plans for point use that will be impossible with the limitations ( I hope that there can be some type of exception for people that need to exceed the limit for a single family vacation.)

Last friday, February 2, I claimed a business class award on United for Dec 30th, with United miles. I called the minute the flights were available on the system. The reason I called so far in advance is my previous experience with airlines, with no seats available for award travel. I first asked how many business class seats were available on the 747. Only 3 business class seats were allotted for award travel. I expected this type of allotment, as the airlines have to keep some balance between revenue, and nonrev seats to stay financially solvent. I have no knowledge of any airline imposing the type of limitations that LP has recently announced. But then again I don't know of any other bonus program that offered a million mile bonus, with such an unexpected huge response.

All bonus programs reserve the right to change program rules, or even discontinue the program. Other programs make changes that benefit some, and may have a negative impact on others. I have some friends that have been trying to claim an award with a hotel's program, but are unable to do so because the program keeps raising the required number of points required.

Although most posts I see focus on the negative, I feel it is only fair to mention 2 beneficial (although temporary) changes.
Reduced Awards Table-I did a complete printout of the LP website in February. This special offer was posted after that time, and includes some offers good for travel up to May.

Marriott Awards Transfer-some people benefited more than others (some that didn't have their million yet, received no benefit.) Although it only lasted 4 or 5 months, it was an effort by LP to add to the benefits available.

In case you are wondering about the benefits I have received, I did some transfers to Marriott last fall, claimed an award to Panama in October and to Europe in March. When my schedule is better set, I will request an award to Peru.

I am in no way trying to negate others concerns about their own experiences. Not very many people take the time to post their positive experiences, and I hope this post will add some balance.

Considering that last summer there were many more people posting, that haven't posted since then, it makes me wonder what their experience has been. For those that read the posts, and never comment personally, I would encourage you to do so. This thread deserves input from people that have not otherwise been posting.