My "feeling" is that GlobalPass will be around for some time. I believe they have already gone through the worst years and survived. This alliance has been gutted but to all of our amazement, it has proven to be resilient.
The recent move by GP to halt Hilton Honors transfers is a step in this same direction - the direction of keeping GP a viable programme for its members.
Your options for redemption are still pretty good with GP. Southern Winds airlines of Argentina, ARCO of Ecuador and soon Spririt Airlines of the USA are new additions to the programme. Yes, we lost US Air and TWA but this loss was due to "other" factors beyond GP control. The jewel of this alliance is of cource GrupoTaca and to a lesser extent KLM (due to linited availability of Awards).
Finally, it is nice to do business with a Latin American company that understands English. This is especially so if one does not know Spanish. For the above reasons, I will continue to support GlobalPass. This company has certainly been beneficial to me and my family.
I am currently posted in Japan, but if I ever end up in Latin America, you can bet that GlobalPass would be my #1 FF plan.
Cheers,
Dave