Exactly right, and I assume this level will be for short haul economy.

eponymous_coward is exactly right: this will not be a program for mileage hounds. I'm making the jump from flying a lot on UA booked in Y (to maintain 1K, upgrades, etc.) to flying less, mostly in VX and in paid F, so I no longer care much about upgrades and status.

As long as they remain a great airline and I get a freebie every now and then, I'll be perfectly happy.

To address a different point, I think we will see an expansion in opportunities to earn points once airline (and other?) partnerships are announced. I'm really hoping for a VX credit card.