I don't look so much into the award pricing devaluation as I seldom book stays with points. However, I do value the late checkout, the upgrades to suites and free breakfast (although I will happily pay for it at the restaurant if I don't like the offering at the lounge, which is more relevant to the kid anyway). Also, resort and destination fees being waived can easily mean a few hundreds saved up in some cases as hotels like to charge those (very stupid) things extra and that really does matter.

I pay cash for most of my stays, mostly leisure and I'm halfway through LTG (whatever that might mean in a few years). As nothing is confirmed at the moment, it is difficult to fully assess my future behavior but less benefits for more cash will be hard to swallow and I can easily achieve similar or better benefits elsewhere (worst case scenario, by paying for what I want, in different properties)