There is a very real chance that your seats will just disappear if you don't book them within the 5 day hold. It's happened to me on more than one occasion. Once the hold is gone, and award availability is gone, you're pretty much out of luck--- unless award seat space reopens up again later.

Yes, there's also a chance that your seats may reappear, but to quote an AAgent: "Seats that are award seats can completely disappear out of award inventory and be shifted into revenue seats."

Of course, if your held award is any AAnytime award on AA metal -- not a sAAver award--- then you have little to worry about since AAnytime awards are available on AA as long as there are seats still available to sell.

Do you have a sAAver award or AAnytime award?