I agree. We all knew the hammer was going to drop at some point. I'm just glad that they didn't switch to an exclusively variable-point redemption framework which was my biggest fear. While it was nice to be able to get 5 cents/pt or more redemptions under the old system, this new system seems much more sustainable. And up to 4% back on all PP/PPElite spending (2 pts/$, up to 2 cents/pt) still seems like the best deal out there. I'm a big believer in point diversification, and TY Network points still have a valuable place IMHO. Then again, I fly in/out of major airports, so this doesn't hit me nearly as hard as others here.

One question is whether the dollar caps refer to total price (including taxes) or just the base fare. Should be the latter hopefully.