For most of us, the opportunity to use Ovation certs went away when the credit card did. I did two redemptions when the card existed, but if I had known at the time that someday the Fairmont points would convert into Chase Ultimate Rewards points, I probably would not have done them.
All other hotel chains do category changes; Marriott and Starwood do them annually. For Fairmont, the tricky thing is that there are some big differences between high and low season, and in some cases (e.g, Sonoma) by day of the week, and the categories don't address that. So the certs could be so-so to poor value during much of the year, but great value in certain windows. Also, base rooms weren't great redemptions but the suite redemptions were.