Southwest has mildly devalued its Rapid Rewards points by about 3%. What's alarming isn't the size of the devaluation, it's that:

Southwest gave no notice, only some sleuthing by FlyerTalkers sussed it out
This is the third devaluation in third years, something which is completely unnecessary for a revenue-based program like Southwest

The Devaluations
Southwest points used to be redeemable for any "Wanna Get Away?" fare at a rate of 60 points per dollar of the fare.

Yesterday, Alaska Airlines doubled the price of flying Emirates First Class awards with no notice whatsoever. Here was my take:
Devaluations stink.
Major devaluations stink more. (Please do it the Aeroplan way of small yearly devaluations with a few months notice instead.)
No-notice major devaluation stink the most.
They are plainly unethical. For weeks Alaska has been selling its miles with a bonus to entice you to buy.

Alaska Airlines has massively devalued its award charts to fly Emirates with zero notice.

Hilton is increasing the category of 24 hotels and decreasing the category of 15 hotels for bookings effective March 30, 2016.

If the hotel you want is going up in category tomorrow, book the hotel now to lock in the lower, current rate.

Starting tomorrow, March 22 (I don't have any information on the exact minute), American Airlines' award prices, off peak dates, and definitions of regions change.

Today you can book travel through February 15, 2017 to take advantage of the current award chart, which is much cheaper to most regions in Business and First Class.

With the big American Airlines devaluation kicking in on Monday (March 22,) I am highlighting all the good award space I see, like this award space to Argentina, Brazil, and Chile in 2016.

Today that is Business Class award space to London in December.
Why This Matters
Ideally you’d book award space to Europe now to save some miles.

Current award prices:

20,000 AA miles one way in economy from October 15 to May 15
30,000 AA in economy from May 16 to October 14
50,000 in Business
62,500 in First

Award prices for bookings made

American Airlines devalues its award chart on Tuesday. Book by Monday to lock in current award prices for travel through February 2017.

While I noticed the changes to award prices, including off peak awards, I didn't notice that several places are changing regions on the award chart also.

Here are the five changes:
1 and 2. Bolivia and Manaus, Brazil to South America 1
This is great news! Bolivia and Manaus, Brazil are changing from the more expensive (Southern) South America 2 to the cheaper (Northern) South America 1.

Emilio commented:
With this devaluation coming in [one week], do you recommend booking some flights speculatively and then change later for a date that works better? South America and Australia sound nice, but making everything work is difficult. So, how hard would you say is it to change dates, particularly for next year?
Thanks!
I have written before about how to lock in pre-devaluation prices for trips with uncertain dates in 2016 or early 2017, so I won't rehash that here.

With the big American Airlines devaluation kicking in on March 22, I wanted to check the current picture of premium cabin and off peak award space to Argentina, Brazil, and Chile.

For most of the last few years, booking Business or First Class awards to Australia or New Zealand with American Airlines miles has been very difficult. But as part of the deluge of premium cabin award space we saw six weeks ago, award space opened up on American Airlines' routes from Los Angeles to Sydney and Auckland.

That award space is mostly gone.