I believe that £119 renewal price is the January sale price, and not the standard renewal price throughout the year.
I'm not overly excited by the changes, but I'm happy with them. It's enough to make me upgrade from a standard to a premium. With the annual passes, people seem to expect an awful lot from them. When you consider, for £119 you're getting year round access to some of the UKs top attractions with gate prices exceeding £40 per person - it's a cracking deal. Anything else in addition to that is a bonus.
With regards to the VIP pass. That's definitely targeted towards enthusiasts and those seeking some exclusivity. It's something I'll be interested in, so long as the additional benefits are worthwhile. There's no point in having fastrack for yourself for example