What do you think of Marriott's new Room Upgrade program? See: http://www.marriott.com/rewards/usepoints/hotelrmup.mi and Are Points Inflation Proof?
I guess the good news here is that they didn't raise the award level as a result of the devaluation. Although I've never felt the need to use upgrades in the past, I may be inclined to use them now IF I could get upgraded to a suite. I now have two teens and when we travel I always get two rooms. Using points to upgrade to a suite would save me a bundle of points over the second room.
Too bad we can't use points to upgrade paid rooms. Now that would be something I'd love to use points for (i.e., pay my corporate rate for a room, but spend points to get a nicer one). I know Platinum has a "free room upgrade at checkin if available" benefit, but it would be nice to confirm it at reservation time rather than rolling the dice at checkin time (since I usually check in late...)