I was just making a couple award reservations for September, and noticed that the T&C's now require you to cancel within 24 hours or risk losing some or all of the points, depending upon status level. I never noticed this provision, but I've been PC for a while, which has no penalty, but even when I was 5 Star, I would occasionally cancel/change the award reservation withour penalty.

Also, as a side note, I didn't have any trouble making award reservations (multiple) this weekend, well other than the substantially increased fees and taxes showing after the (exhorbitatnt) rate credit.