HH points probably won't be devalued further in 2009 (wasn't there a devaluation in 07 or 08?). Marriott MR program changes, which take effect on Jan 15/09, are being perceived by a number of members as a devaluation, even though Marriott is introducing a few benefits (eg no/limited blackout dates). So, I would say that if your favourite hotel program's points haven't been devalued in the last 24 months, you're due for a devaluation.