I don't know how the cancellation of refundable airline tickets will impact the EQM bonus. Clearly, if you buy the tix for October '08 flights, and are willing to tie up $25k for 11 months, you'd have been a US elite for at least 10 months before anything happened - and likely then, nothing would happen.

But what if you refund in January? What's the impact then? I don't know...

I'd go the gift card route. Since you travel, it shouldn't be hard to select the vendors you'll use most often in 2008 and pick up a few $5k cards. Some airlines will immediately kick in elite status with certain levels of gift card purchases - but read fine print before you buy anything. (Pay close attention to whether the card is usable for travelers other than you or usable on codeshares or other alliance metal.) Marriott gives you a 10% discount when you buy gift cards larger than $1000. Hilton probably sells 'em too, but I'm not aware of promotions. (Marriott always seems to run gift card promos...)

And of course, Home Depot or any other vendor you use is a good option. Check your favorite airline mileage mall for promos - I bought a $2,500 Home Depot gift card once and picked up 25k AA bonus miles for doing it. We were redoing a room anyway...it was like free miles.