Okay, you are exactly right. I guess I've never understood the Southwest valuations very well before, as I didn't know it was calculated on the base rate.
I would consider the value of a Southwest point is now 1.58¢ per point (based off of the taxes/fees that are included vs. not included). Whereas the old value was around 1.86¢ per point

I had called in late last night to confirm what time zone the devaluation would take place in. I was erroneously told that it would take place at Midnight CDT on April 1st. I made 4 reservations late last night, and 3 of them were at the worse devalued rates. So, I called in today and told them what happened, and the rebooked them all at the old rates, but told me that I obviously couldn't get any old rates going forward.