Here are the new features (read downgrade)

upcoming welcomerewards™ features:
You can now earn unlimited free nights every year.
We've removed limits on minimum room rates to count towards your 10 nights.
We've extended the expiration of welcome rewards credits to 36 months from the date they are earned.
Take advantage of program flexibility - use your reward night value towards a higher room rate and just pay the difference.
Your free night will be valued at the average daily rate of the 10 nights you stayed to earn it.*

Sent them an email saying I was moving on to other programs given their devaluation. Been a member for about a year and got one free $207 room at FCO airport this past weekend. Good deal. Now they change.