I'll keep burning down my balance since I'm not confident this will be around for long.
This is probably the best plan, given what's been going on recently. I used to like to let my balance build up because it was flexible, and I could choose which program to transfer to as and when I wanted the points. But I've burned the lot now on a variety of different stuff, and will be redeeming as soon as I have enough. At least it rescued my Accor points from expiry.