From the Forums:
FlyerTalk member jpdx posed this question in the Starwood Preferred Guest section yesterday evening: Was the 1:3 SPG:Marriott conversion rate too generous?
“Many of us were pleasantly surprised when the1:3 conversion rate was announced. The feared devaluation of our Starpoints had been averted,” says jpdx, “But I’m beginning to think that the 1:3 conversion was too generous, and we’re seeing the effects.”
Head to his forum thread to hear his argument and chime in on the discussion.