I'm frankly surprised that they've raised the redemption values so much, as well as making the programme look a lot less attractive generally. This is at a time when a large number of frequent flyers are bleeding off to other programmes, with more serious alliance possibilities.
The new Qualilfyer (LX Travelclub) is a shadow of its former self, with limited possibilities outside Europe, absolutely zero for earning club miles. Until it goes into Oneworld (or wherever), it really has limited use and interest. Now, one is really better off in Miles & More (or other Star Alliancers), or Frequence Plus (or other Skyteamers).
But it has to be said, the new programme needs a chance to develop, the way the original one did. New members, perhaps with club miles possibilities, will appear, and the scope will hopefully expand with time. Either that, or this is the beginning of the end with a gradual devaluation of frequent flyer programmes. For I am sure what really costs the airlines money are those long-haul upgrades, not Y-class tickets in Europe.
But whatever happens, it must be done well, and attractively, in order to retain a loyal clientele, just as Qualiflyer did.