I actually was expecting worse this year - hotel prices have been going up and since number of points is tied to what is spent more points are generated on each stay (albeit more revenue too!). Then these are redeemed for what is a more expensive room at an old rate (static redemption level)....

If I were to design a frequent traveler (hotel or air) program these days I would tie it to revenue - but would also tie the redemption to money off the best available rate.... would not be popular, but reflects fixed value to the customer and to the company.