The primary devaluation we see is rapid inflation of the # of points required to get an award. U plan and save and save and then the airline or hotel chain moves the target.

I think the "devaluation" king for 2003 is Hilton.

50% increase in points to score a GLON. 50%!!!!
Delta/United/and Continental drop out of points exchange.
To top it off, bonus programs have been far and few between.

Building up enough points to stay a week at an average hotel takes a mountain of paid stays. point exchange and last year's bonus programs got me some great stays. The points I will earn this year as as Diamond won't even come close.

I think it's time the Programs paid "interest" on balances to make up for the inflation.