Some discussion by FrequentMiler:
http://frequentmiler.boardingarea.co...esults-are-in/
http://frequentmiler.boardingarea.co...middle-finger/
He seems to be coming to the conclusion that for a lot of people, there is additional value in the redemptions, and the places that get hurt are more on the margins.
Of course, FlyerTalkers are experts on arbitraging those margins, so naturally we're complaining loudly.