There are rumors spreading that LH will initiate a takeover of BD in the next few years, and likely merge DiamondClub into M&M. Here are the perks of the BD program that I really like:

1. Excellent Earning on Y/Q-UP domestic F fares (300%...up to 600% if I have flown 55Kmi in my Gold Year).
2. 4 Upgrade Vouchers Y->Y+ each year.
3. Part Cash/Part Miles Rewards (even in Premium Cabins).
4. One-Way Reward redemption (at 50% of roundtrip cost, even for Miles+Cash)
5. Ability to redeem for International F.

Assuming BD gets bought out and merges, which program is next best? I don't have any interest in UA, as CO takes care of me for all my domestic upgrading needs (without instruments). I'm really looking for a program that's closer to what BD offers (high mileage earning rates, part cash/miles, and ability to redeem for International F awards). I could even manage to live without cash/mi awards, if the earning abilities/rates were sufficient to mean I could still rack up beaucoup miles by flying creatively routed Y/Q-UP domestic F fares. I don't particularly care what alliance the back-up program is in, so long as it fulfills the criteria.

Any advice would be appreciated.

Does LH offer lifetime status?

Yes, but I think you have to be in your Sixties (or perhaps even a Septuagenarian) before it kicks in.

First, I am not sure that I have a suggestion for a program that is as lucrative or flexible as BD. BD is probably the best deal going for those who travel internationally and can make use of BD's US-UK flights.

If BD merges, it is likely (IMO) that the most lucrative aspects of the BD program will disappear, like numbers 1, 2, and 3 in your list above. Nonetheless, I think LH would not be a bad program to keep because of the ability to redeem for international F and access to reward avaialbility on other Star Alliance carriers. Being SEN, however, requires 100k EQM, a tough total to achieve while maintaining top tier in another program (CO) - you would end up flying UA quite a bit domestically to pad your LH EQM's.

I would agree that the most lucrative aspects will likely vanish if there is an LH takeover. However, I'm unfamiliar with EQM earning on LH (or most other airlines). I believe they offer the same CoS bonus on EQMs as on RDMs (300% for F travel). If this applies to Y/Q-UP fares, the amount of flying required for Sen status would drop to about 33,333 actual flown miles on a Q-UP. Considering some of the routing options that crop up during the year for various Q-UPs, this could be as little as 3-4 weekend transcon runs.

On LH program

1) 300% (or 325% once have status if QUP is on UA), and note also that minimum miles multiply with COS and status bonuses (so minimum miles in first on UA/US = 1500 or 1625)
2) if SEN then 2 upgrade vouchers Y->C OR C->F every 2nd year (ie on qualification and requalification), good for 1 intercontinental flight or 2 intracontinental flights, HON get several more upgrade vouchers
3) kinda cash & miles - the award taxes are hefty
4) one-way award is only small discount to round trip (one-way = 70%? of return)
5) no problem

One of the benefits that we would have with LH that we don't with BD is a credit card in the US. We would lose the generous Hilton earning though

I had thought that SEN took 2 years to earn and was good for 2 years. Am I mistaken? Not that its all that concerning, just curious.

Just checked the LH website. One year to earn, 2 years to keep.

Nope. SEN requalification is in either one of 2 calendar year (and strictly also the final Jan-Feb bit), and qualification in a single calendar year. Status however does last a minimum of 26 months.

HON (re)qualification is based on 2 consecutive calendar years.

That does sound nice. However, I'm a bit leery of joining the evil empire. I might have a look at TG or TK (new entrant, interesting route network), or perhaps even MS (if their entry coincides with BD being swallowed up). For me, it'll all be about who is offering the best bennies, as it's only a back-up program for *G purposes (lounge access, F redemption, good earning potential). Gotta keep my portfolio of miles diversified across alliances