I know that this is off-topic, but I will echo FD1971's sentiments about how great this promo is:

-- FFNs are cancelable, just like any other room reservation.

-- You can book speculative reservations, i.e., before you have the certificates. I have a somewhat mixed opinion about this, because it could lead to abuse if people "hold" a great many reservations, tying up the inventory, and then cancel most of them. But it has served me well, so I can't complain.

-- Typical great Gold Passport customer service. In one case, for some reason the certificates did not post properly, so the Park Hyatt Paris deducted 18,000 points for the last night even though I had one more certificate (which, it turns out, was reserved for a future stay). One call to Gold Passport quickly solved the issue.

-- Availability seems to be good. I was able to book three nights at the PH Paris in January mid-week only three weeks out; plus have been able to book a few stays on short notice on both GH or PH Dubai, at which this is peak time (and the hotels are totally sold out); plus GH Muscat, which also commands premium rates. Of course, YMMV, and these places are not exactly Hawaii or Florida in terms of demand this time of year, but, still, I have a 100% success rate on redemptions that I have sought.

Good job Hyatt!