The one thing that will definitely increase in value is the time spent reading FlyerTalk!

Ie, the people who will have the most increased trouble getting award flights are the ones who aren't paying attention and aren't following the airline industry news and changes. Ie, the general public.

There will continue to be value but it may be harder to find, but if anyone will find it, it will be FTers.

Also, as mentioned, it's going to be different for highly-partnered airlines than for unpartnered ones (such as many LCCs). Like mentioned by holtju2, on a legacy the cutbacks may only be on their own metal, not on, say flights by their European or Asian partners.

In fact, at at least some legacy airlines, cutbacks are only in domestic capacity, and especially if you live in a hub or focus city where international flights originate, you may see zero cutbacks on the fligthts you want to do awards on. For example, if no one cuts back LAX-NRT (any furher than it got cut back by AA a year or two ago already), how do cutbacks on shorthops in the heartland affect LAX-NRT award availability for people living near LAX? In fact, they may make award redemption easier if you're not competing with as many connecting people, because they have a harder time connecting.