Not worthless but declining in value at least for me.

Negative changes of note for me:

1. Most Delta redemptions are either mostly unobtanium (international J) or gutted points cost-wise (domestic flights). Thankfully the shortest short haul in Y have not been devalued so I am still getting good use there.
2. Flying Blue is making far less saver redemptions available of late (even on FB points).
3. NH redemptions are also much harder of late.

Neutral change so far:

1. The dynamic pricing on VS metal is both hit and miss for me. The surcharges ex-US had gotten so outrageous that I basically was only using VS to fly to the US not from. There are some deals to be had TATL these days but I also miss the consistency of the old program. VS' somewhat variable hard product also is not helping. If I book BA I have a pretty solid chance of getting what I booked at least more so than with VS. I don't hate the coffin seats like some but they aren't the best.

Essentially due to the above and due to less trust in general with VS I have stopped accumulating their points. I still have a mid-five figure balance that will take some years to spend down. The airline points game is always changing so perhaps by the time I have spent down my points things will have changed again and I'll want to reengage with VS's Flying Club.