I've flown Icelandair and I like them, but I would have a hard time giving up Elite status on Northwest to do that. The last time I looked, miles still EXPIRE in the Icelandair program and there are simply not enough options/destinations to compare against the flexibility and benefits of the Northwest WorldPerks program. That said, everyone's travel profile is different and if Icelandair fits yours, then who is to say that isn't the correct move for you? They certainly get high marks for regularly rolling out bargain fares!