I noticed this about a week ago. I used to be able to find redemptions where points yielded as much as 1.0 cents per point, compared to the lowest cash price. Now it seems that there are very few U.S. redemptions where one is getting more than 0.5¢ per point.

Of course, you can still get a 10% points rebate if you have the old Chase/IHG card, and the fourth night free if you have one of the newer Chase/IHG card. But still, it's a very disappointing development.