So I have for the first time booked one of these, I stumbled across it at Hotels.com. Unfortunately it's a "pay at property rate" at a high-end brand so we will see how things work out.
At least I have made backup bookings with points that I can live at least it's adding some spice to the trip, I'll see if I get cancellations or counteroffers or what...
According to Hotels.com's fine print they have some "large print about it.."
PRICES
The price of the travel services will be as quoted on the website from time to time, except in cases of obvious error. Prices are liable to change at any time, but changes will not affect bookings already accepted. Despite Hotels.com’s best efforts, some of the travel services listed on the website may be incorrectly priced. HOTELS.COM EXPRESSLY RESERVES THE RIGHT TO CORRECT ANY PRICING ERRORS ON OUR WEBSITE AND/OR ON PENDING RESERVATIONS MADE UNDER AN INCORRECT PRICE. IN SUCH EVENT, IF AVAILABLE, WE WILL OFFER YOU THE OPPORTUNITY TO KEEP YOUR PENDING RESERVATION AT THE CORRECT PRICE OR WE WILL CANCEL YOUR RESERVATION WITHOUT PENALTY. Hotels.com is under no obligation to provide travel services to you at an incorrect (lower) price, even after you have been sent confirmation of your booking.