I was skeptical when this was announced, but here's my data point:
BEFORE March 1
Conrad St. James (London): 5 nights in late November was 64,000 points/night (including fifth night free)
NOW
Conrad St. James (London): 5 nights in late November is 48,000 points/night (including fifth night free)
Admittedly, November is definitely the off-season in London, but I wasn't expecting any point improvement, so it was an unexpected decrease.