I just made a few P+C bookings in the last week. When you can find them, they can be a tremendous value. So far be it from me to say that this doesn't sting. It stings. I said it.
This said, the saving grace is that after WoH rolled itself out in get-rid-of-everybody mode, they totally relaxed in letting points bookings count toward status. Points bookings did not count toward status under either the old Hyatt Gold Passport program or the original version of WoH. P+C were crucial to me under Hyatt Gold Passport. But, now that points-alone bookings count toward status, this gutting of P+C is less painful.
It stings. It's not crippling.