If I read the information correctly, the properties can limit the number of rooms per day that they will allow to be reserved with rewards redemptions. For instance, a property might have only two rooms per night to be used for rewards. Once those two rooms are booked a third and any subsequent member who wants to reserve a reward room for that same night will be denied. Therefore, "black-out dates" will still exist. In fact, there will be a lot more of them. I suspect this is a major reason for the changes because members will not be able to use stay-anytime points to over-ride each individual property's ability to deny the use of the rooms that have been earned (and we do earn them) by the loyal customers.