Final Answer: RDM is what's tangible
I think that in the long run, Elite status is nice, but just an end to a means.
The 2x bonus of Elite is what I like, the rest is just icing on the cake. After all, if you took away the elite perks, and just gave me 2x miles on my flights, which ultimately is just RDM anyways, I would be perfectly happy.
I want the RDM's because in the end, that is what will get me my "free" biz class to where I want to go. The EQM's will not.
Also, status will only last 1 year, while your RDM can be used whenever you like (assuming you can get seat availability).
For those who feel status is more important, I can certainly understand. I find it very nice too. However, take away the bonus RDM, and the perks are just having some people giving you priority treatment... and that is intagible; while an actual free biz seat, yep that is very tangible.
Oh, DYMTWTU: Denver, You Mean The World To Us - A UA promo to counter some new competition (i.e. WN)