Hotels have standard rooms available for redemptions every day. Blackout dates traditionally refer to a limited number of dates on which a hotel could choose not to accept redemptions. With our new “No Blackout Dates” policy, hotels will no longer have blackout dates for redemptions. Hotels may limit the number of standard rooms available for redemption on a limited number of days.
I don't think I understand your thinking on this. Are you suggesting that, if you purchase Marriott Cheques with points, then use the cheques, it's a wash? It would seem that you would almost always do better in the transaction by using points rather than $$$ bought by points. Am I missing something?
The "value" of the checques really depend on the room rate and category of the hotel. Another nice bonus of the checques is that you are basically using points but also earning points/nights since they are treated as cash.
Someone did a nice write up of the strategy here:
I am in a situation where I earn more points than I can really use at this time (4 weeks of Marriott time shares). As a result I do not yet do a careful analysis of how I use them. (One thing I will not do with them is buy merchandise.) While I can not prove it, I do feel that I tend to get better rooms and upgrades as a "cash" customer vs. points. A very big deal to me is the ability to earn a nights credit for my stay. For this reason I am a proponent of cheques vs. points.
Back to the original point, I have no problem with a program having restrictions on reward stays (obviously fewer restrictions is better). However, if there are times when it is impossible to get a reward stay, it shouldn't be billed as no blackouts. Even with an asterisk...