Originally Posted by MD/DC Flyer

I think now the dust settled it is clear what is happening:

1. There is no more low/high season.
2. All redemptions for standard room are based on monetary value of 0.005 to 0.0055 $/point.
3. Number of points for standard room is capped at what was the high season (or maximal) number of points under the old tier system.

Practical implications:

1. As there is no more low season redemption - huge devaluation. I'm sure Hilton would say the prices would be lower and therefore required points will be lower - but the value was always was in the shoulder seasons (when points are low and prices are already high). No wonder Hilton plugged that hole.
2. If one redeemed only at high season - there will be no change.
3. The cap for standard room can change anytime and without an established tier system it will only go up and will do it without anyone noticing, or any advance notice.

Personally, as I'm using the points only in the old high season where points redemption saves me a very substantial sum in taxes - it would not affect me much, but still, I have to give it to Hilton - managing to cover a huge devaluation in a great spin off. Most customers would not even realize that the change is so bad.