I think it devalues Gold for those people who have been loyal to Qantas. It means more competition for those seats reserved for Gold pre-selection, both at the time of booking, and at T80 and T24. Extra bodies in the lounges, for people who would not normally fly if they are only bronze - ie entry level. So people who are silver, get dudded completely and not recognised, and Gold face more competition. My Qantas Club membership is due, and I have been gold but mostly silver. My reward? I have to hand over $400 approx in three days time. Thanks Qantas!