We are still waiting for details on the eleVAte program.

There is speculation that the 4900 points will be a short-haul flight like SFO-LAX. I think I remember reading somewhere about being able to combine points and cash, suggesting that there will be a redeemable $$ equivalence to eleVAte points. Also, points will expire 18 months after they are earned not account inactivity .

There is (more) speculation that the program will be compatible with VS. The website says that they even plan to offer rewards on Virgin Galactic!

At this point, we only really have the FAQ's and speculation. Even without a full-feature FF program, I prefer VX on price, service and product (especially F). I'd prefer to be able to afford to fly F on most flights, than to collect miles and wish for an u/g.