The art of mastering airline loyalty programs -- Going for Elite
blog.flightcaster.com
blog.flightcaster.com
I think they charge for taking the challenge now (it was free then) but it's well worth it. Not only do you get better seats, free bag checking, priority security access, and earn upgrades, but that was 30,000+ additional bonus miles I wouldn't have earned had I just skipped the challenge and qualified for the status the normal way.
Also, if you're on the fringe between status tiers, often times it's very much worth it to spend a couple hundred bucks on a "mileage run" if it means the extra EQM will put you into top-tier status.
I'm going to be doing a trip in two months that will take me from the Mid-West to SE Asia and then I'll hop a few places in SE Asia before coming back to the states - I currently don't have any frequent flyer program as I hardly ever fly (a few times a year) - but I'd hate for this trip to go wasted - plus I may be traveling quite a bit next year.
I don't fly all that regularly (maybe just above average) so things might've changed since then.
As the article says, get every account you might fly on, but keep your focus on one airline/alliance. If you need to move your points around between airlines, there are services like points.com that let you do that for a fee.
And just two weeks ago I came back from a Toronto->Honolulu vacation where I paid for the flight by cashing in some of my accumulated miles. Had to pay for tax though: $35. Paying cash for the same flight would have been ~$800. (Well, paying on a card. I get points I can used towards travel from my credit card.)
Finally: mileage runs make perfect sense once you start playing the game. I once paid ~$200 to do a day trip from London->Madrid so that i'd maintain platinum status. Current job doesn't have me travelling though, so i've let everything lapse.
On the other hand if you don't travel that often at all, you probably won't see much benefit. By reducing capacity and increasing the number of required miles to claim reward tickets, the airlines keep moving the goalposts.
I'd imagine there are plenty of people out there who choose a given airline because of the prospect of getting something for nothing through the loyalty program, but travel so rarely that they'll never accrue enough miles to get any reward tickets.