It was great value compared to the loyalty bonus which gives you maximum 32,000 points.
Well QFF replaced it with points of close to equal value (1 UC = 8,000 points , which is equal to an old Zone 1 upgrade) so there's no a lot of difference there.
The current system has max 32k points which is 4 UC on the old system. That's 4x Zone 1 upgrades/year or nearly enough to upgrade a SYD-LHR. Obviously 32k points is a long way short of a SYD-LHR upgrade so overall is a 70% devaluation.
Tis a little confusing as why it stops after the 4th loyalty bonus. Presumably it ends there because you're borderline P1 territory, which brings it's own benefits which outweigh 8,000 points. A little margin in there to make you want to go that little extra, or not care. Either way QFF wins.
I think it could be improved by giving Plat and above certainty of upgrades - eg: confirmed when booking. Like sub classes of classes. So like U class is broken into UA and UB where UA is plat+ inventory and UB is hidden/reserved inventory for a last minute CL/P1 bookings/points bidding/whatever QFF can dream up.
At the end of the day, everyone wants an upgrade and QFF wants more points to be earned/burned. Finding a sweet spot for both QFF and customer is going to be tricky, but the more QFF understands about what you
really want, the more rewarding it can be for both parties. They'll get there one day
