Whilst the new 'full' rates are yet to appear for a lot of properties (e.g. in London), the new points + cash rates have started to show.

Hilton Tower Bridge is 28,000 + £78 /night.

It's only showing for weekends, which is when this hotel drops considerably in price anyway. In February I paid £89/night for Saturday to Monday... Most of us probably don't value 28,000 points @ £11, even with the new rates!

On the plus side, that's not too large a jump for the cash & points rate imo, which suggests there may be some good value to be had still on some other properties c&p rates.