I just checked and there are still seats if you pay money. In fact there are seats available for several days leading up to the holiday period so there are seats but not if you pay miles. Yes they need to limit the seats but I was informed that there is waitlist only so I checked for 5 days leading up to the holiday and nothing.

I am close to becoming a diamond member and in a short period of time. It is strange how cathay pacific chooses to reward customers by expecting me to travel using my miles during non holiday times and low season.