Has anybody seen anything that might possibly indicate that there's some way to use the new crappy certificates as the first 40k points of a redemption at a higher-level property? So for a 50k property, certificate + 10k points? That would be the only redeeming factor for us. There are very few 40k properties in my destinations that would feel like a real reward, but there are plenty of 50-55k properties that would seem like a steal for "only" 10-15k points.
Since it was asked earlier, I've redeemed these certificates at hotels costing 70k, 60k, and 50k points. Almost always 2 nights in a row (my card and my wife's).