One more thing to bear in mind is that if there is a stampeed there could be issues with availability, at least on the popular routes.
I'm also with Raffles on this one and plan to make some redemptions when I've got the time and credit available. Not so many that I'll have to pay for a whopping set of change fees should plans change but enough to keep me travelling for a while. Just got to decide where and when to go...and balancing that with requalifying.