I also am on the fence.

However, I have (at today's quotes) enough to get the 75% to buy the 25% I need for a business class redemption on LHR-AUH-BKK return. This is my regular route.

But the last devaluation saw roughly a 50% hike in miles/points required.

Thus, the circa 230k cost now might rise to 345k (I doubt it will go this high) but EY has already said that upgrades will become more expensive, points wise.

I might use my remaining 180k miles today and suffer if it goes against me rather than wait and find out that I have no options other than a cash out..