Well, here's the thing...

- the points are VX revenue-based, so it's not a particular bargain for FF mileage accumulation hounds (like, say, a lot of the FT population)
- the points EXPIRE in 18 months, so it's REALLY not a good bargain for FF mavens- there's no point to hoarding VX points for 3 years so you can fly VS upper class SFO-LHR or VA Business Class LAX-SYD.
- eleVAte has no status levels (except for maybe Founding Member... if that)

So really, this looks like Rapid Rewards-minus (since at least on RR, you get one credit per round trip, so cheap WN shorthauls can add up to a decent reward- whereas eleVAte will probably do a pricing scheme using points for flight redemption), without just an absolute LOAD of other ways to get points. Where's the value?

Now, granted, given a good airline with a bad mileage program that's really an afterthought, and a bad airline with ooodles of ways to get mileage (like, say, AA), maybe this is the right way to go...