For some time mileage programs could be characterized as bait and switch. Bait, because initially we were promised that we could use our miles to fly free on any flight. Switch, because they instituted capacity controls, then restrictions on what fares could be upgraded, and now elimination of complete flights (or classes) regardless of how many miles we have.

It does not take a rocket scientist to figure out that the airlines are trying to do everything possible to avoid giving away their most lucrative products for free. For most carriers, that is international J, followed by Hawaii Y.

Although I - like many others - was initially opposed to spinning off the mileage programs, I think ultimately that may be the best course of action for both shareholders and flyers (isn't that ironic?!) Shareholders will get a nice bonus (the programs are valued at more than the current stock price for the entire operation) and the new standalone programs can then negotiate for specific quantities of seats. It won't stop devaluation, but it might stop the inventory games.

As a former SM who is sitting on 120k+ rotting miles, I bleed with ya.