I completely agree with the hypothesis in this article. While FF programs are clearly very robust if accounted for as a standalone business the Airline itself will be deeply weakened by stripping the FF program out. Given the symbiotic relationship how could you argue either would be better off? A great FF program that is very profitable can only last as long as the Airline it serves. Removing the best part of the business (FF program) will cause both components to be devalued. That great FF program can only survive if the AL is strong and able to offer the right services to its customer.