From what I gathered from the expedia forums, it sounds like Luxury Link pays the hotel a month before the reservation. One couple that went to a Luxury Link hotel this past week were told that there reservation was there, but they hadn't received payment yet. They had to pay again.
I've initiated a chargeback with Amex. Sent emails to the hotel to see if my reservation is still there and whether they'd honor the luxury link price. So annoying.