Well, I was expecting it to change, and it has. They didn't get rid of it entirely, but the changes are significant and I definitely need to weigh my options on it:
1. Instead of 3x the big blind, they will now pay 1.5x the big blind for each hour as long as you play at least 10 hours each week. The amount of hours is still counted as table-hours not actual hours - so multitabling can help here. This change goes into effect starting next week.
2. They've added a bunch of freerolls for the people in the VFP program. However, I'm just not sure how lucrative these tournaments will be or if they will even be at a time that I'd be able to play them regularly. Again, this starts next week.
3. They've added a special tournament for VFP members who have been there for a while - $1000 freeroll. This is likely at a time that I won't be able to make - but I will definitely try.
Personally, I think Games Grid is jumping the gun on this one. As much money as they may have been losing to people because the original VFP program was overly generous - without the features that it needs to succeed - this is just going to make the site less desirable to play. Frankly, with only $3/t-hour at $2/$4 - I'm not even sure I'll continue playing there past next week.
Instead of adjusting the programs they have in place - they need to stabilize and put up the features that they've been asked to provide (waitlists are a major one...).