Well, I've decided to jump ship.
I've redeemed most of my TK miles. I couldn't find any promotional awards (in business) for the dates and destinations I was looking at so I paid through the nose - further adding insult to injury. I guess I could have waited to see if the changes would mean improved availability of promotional awards but I didn't want to take the chance.
I'll switch my upcoming flights (19 mostly long-haul sectors in J for 2 pax) from awarding to TK to SQ and I'm already planning a suites redemption in a year or two's time. I'm looking forward to that.
Last year I flew 6 TK sectors in business (2 pax) and my booked flights are now not adding to my TK account. It's probably not a lot to TK in the scheme of things. I still have a few years of TK Elite to enjoy so let's see what the future brings.