Should we all agree to disagree?

No ;-)

I spoke to the person behind the massive 2015 Matmid devaluation for 90 minutes when they reached out to me after I blogged about it.
He seemed genuinely convinced how it was all just a big improvement to the program. Even the new expiration policy for transferred points, big improvement!

They must serve some really good kool-aid in the Matmid offices.

I fly TLV-LHR roughly 25 times per year with the occasional trip to HKG. For many years I flew exclusively on BA but following their move (though it was temporary) to terminal 1/2 at LHR and the devaluation of Avios I decided to switch to ELAL. As we all know the equipment is old and dated but I liked the service provided by the staff with few exceptions. However over the years I've noticed a significant depreciation in the overall package. The fact that I've not had an upgrade in over 2 years (I know it's not a given but it does irk me to see pilots sitting in Business), that the 'service' not the seat in premium economy - or whatever they're calling it - on the 787 is less than on the 777 & lower than the same seat when flown to say the US, and this latest announcement is giving me cause to consider moving back to BA.
On my flight last week when I asked the cabin staff for an espresso I was told quite firmly that it's only for passengers in business. My neighboring passenger asked me to explain what all the fuss was about, and after explaining the reduction in service over the years he asked why I still fly LY. Upon consideration the only reason I could think of was the excellent service provided by the LHR ground staff and the call center in TA - otherwise nothing.

So, the question to you. BA is the only real alternative for me. They're part of the One World alliance which while not great, is better than ElAl's and works well with Cathey Pacific which is both cheaper and faster on the HKG route. - IS IT TIME FOR A MOVE??

If it's mostly TLV-LHR you do, and considering the amount of travel, I imagine you're not looking to connect, then yes, BA is your only alternative unless you're looking to go down the route of EasyJet.
BA have a solid product, and while there might have been a devaluation of Avios a few years back, it's not different to any other airline in that respect.
Like you mentioned, your Avios are handy on other OW airlines (which will help you on your HKG trips) while Matmid points are useless for anything other than LY, plus they expire...

BA Gold will also get you First wing check in at LHR which is fantastic, plus a far better lounge experiance (at LHR, not in TLV obviously).
Are you likely to make it to GGL? Do you only book Economy? And if you switch to BA do you start from scratch, to make it through the Tiers, or are you really still BA Gold as your profile suggests, in which case, you obviously hadn't ditched BA entirely and still do a fair bit of travel with them.

YES.

Clubman - Well spotted. No, I've not been on a BA flight for at least 2 years an dam now only a bronze.
I tend to fly economy during the day and Business at night so really depends on the schedule. Mostly economy outbound (TLV-LHR) and Business on the return. I'm under the impression BA don't status-match ElAl's platinum so yes, presume I'll be building as I go.

Not that I feel I'm owed anything but I've realised that with over 100 legs flown in the past 24 months I've not had a single upgrade (though I've had multiple downgrade requests)