Don't get me wrong, I like to maximize my point as the next guy (being outside of the US that even applies a lot more).

But, even with the sporadic exception, I've been able to do that without much problems with GP. And I also understand the balance there needs to be that properties actually make some money at local peak times. If all standard rooms were snapped up with points use those properties might be gone the next time you want to be there.

And in reality, if you plan ahead, you will very, very rarely not be able to use those points when you want. Major events normally do require some planning to get a decent rate or using points. and it's been stated before, properties have the ability to opt out . Guess at what times they use that option....

So, no I don't think it devalues the program when it happens on that rare occasion. And availability on points tends to be rather decent with GP.