Though I bet I will end up with some off peak cat 1 savings, this is no doubt a devaluation. Points are their most valuable when hotel rates are relatively high for the category. Assuming peak will correspond to times when prices are high, this change will 'level' out redemption values.

As currently stated -- the change is not that big of a deal to me. I am more worried about the can of worms this opens -- It's a very slippery slope to go from multiple categorizations to just making the program a flat $/pt redemption program.