I'm new enough to frequent travel that devaluation isn't much of a concern since i've never seen it happen to me. That said, I probably don't travel near the amount of others here, and as such will likely fall more into the burn category. I've only been traveling for business for about 1yr, and just in the last 6 months realized I should be focusing my flights and hotel stays to specific vendors to maximize rewards. As such, in the last 6 months I've saved enough HHonors points for 6 nights in Hawaii sometime next year. Now I'm working on saving the SkyMiles to get myself and Ms. IsleOfMan there... though at around 2 domestic trips per month (and usually not transcons) it's slow going. I may only end up with enough for one award ticket and have to pay for the other. If my business travel can net enough rewards for one week long vacation per year then I'll be happy enough... anything above that I may start hoarding.