I think everyone is worried about devaluations. If you are holding miles in hopes they appreciate, I have some swamp, err, resort land in Florida that is a great investment opportunity that I'd like to sell.

In my short experience with these programs, there is always several months of notice before devaluations actually go into effect giving you time to liquidate your miles unless you have a ridiculous amount. Right?

Bankruptcy would be the only thing that would worry me if I was sitting on millions of miles...which I'm not. And even then you probably won't use them as long as the airline reorgs and does not liquidate.

So, long story short, I don't "cap" my miles at a certain level, because if the airline changes the rules I will be able to spend them before the devaluations go into effect.