Well, from what I remember from mind-numbing number of classes that economics is about:
(1)LIMITED resources to meet UNLIMITED demand
(2)Expectation value drives behavior
(3)Incentive structure can change behavior

Rule (1)
Airline industry and the internet's efficiency have created a monster out of many of us in seeking low(est) price and turning us onto mileage addiction (me included )
Even Robert Crandall, the ex-ceo of AA, who started the whole mileage fever, was quoted in NY Times article (April 30, B1 section on "Need for New Airline Model) acknowledge SYSTEMIC PROBLEM with current airline problems (rather than just bad business cycle affecting the industry) --and that there needs to be BOLD REFORM to change the bad financial equation.

Rule (2)
All the current hoarding is indicative of majority expectation that mileage will be honored regardless of bankruptcy, buyout, etc. -- but the danger is mileage inflation

Rule (3)
To remove mileage liability off their financial books, airlines have been using more creative ways for mileage redemption --
but at least for non-travel mileage redemption, I find most of the exchange ratio is prohibitive, so no incentive !!

-Nick