Well as a Gold I sure feel like I'm getting screwed. In fact, I believe that in the vast majority of cases, MR members are getting hit with a massive devaluation. Vacation stays which are commonly 6-7 nights are being hit with a huge point increase, and do you really think that new cat 8 isn't going to have a lot more hotels moving to that level?
I used to think that the MR program was one of the best, especially with the incremental discount on the nightly point rate when staying over multiple nights. But now, the only benefit is on the 5th night, and even then it still costs more than previously.
I guess everyone is getting into the act of destroying what used to be called loyalty programs. As far as hotel programs go now, its HH and MR are basically interchangable.
This gets a HUGE

from me
Oh and yes, this is a big slap to any MVCI owners, especially recent ones who thought that their incentive or exchange points were worth a lot more. No reason to buy through Marriott now unless they jack up the point trade values. I'll be in St. Thomas in Jan, so it'll be interesting to listen to their pitch and response when I bring up the massively lowered value.