For SPGers this is business as usual, indeed the top of the top redemptions fall for a few months pending the introduction of the new top category and seasonal pricing.
For us Marriotteers it’s likely to be a sadder story, though I’m not with the “blink and you’ll see the Times Sq Marquis at 100k per night” sky is falling down types. Like SPG I expect the top category to be reserved for the very top brands but there’s no point in denying it, pressure has been building in New York, London and Paris and they will creep up. Even so I don’t expect to see the Times Sq Marquis hit 100k as a result of this. There’s no doubt though that 3 prices for the same category according to seasonal demands (and who defines that, Marriott for the program or each property for itself?) will make redemption more opaque, but overall with more choices and redeeming on the route less travelled I still see Marriott as being more likely than not worth the effort...
More perspective will be granted us in August. Don’t lets lose it now - though I do think this is a great time to redeem in London, Paris and NYC!