It maybe that they will be getting rid of the business class branding but certainly charging you the same for the flexibility of the open ticket.
Most of the people that i have seen use it are only using it for the ability to change flights with no financial penalty.
I would advise them to keep the lounges as they are certainly an oasis of calm and keeps the hoi poloi on the outside.
If they got rid of the Trans Atlantic Premier it would probably close down the airline as this is an excellent service and generates a large cash flow for them bringing in alot of US dollars.
As for leaving One World i dont see the point of that as EI cant fly to all the destinations that they feed pax onto BA et al flights.
It seems that WW is going head strong for the LC model but beware, look at whats happening to MOL across the road.