Like you know by now, IHG has went ahead and adjusted their Reward Chart, to take effect from 18 January 2012. I also indicated there that if you want to take the benefit of the old award chart in the case of the 25% IHG properties where the cost of awards is going up, you do have a 2 month grace period to book on the old chart via the PC service Centre till March 18.
Priority Club members have a 60-day window from January 18 to book hotels through the customer service center at the old lower cost or rebook hotels that have dropped in points cost. There is a 360-day booking window.
So there you go, it is confirmed that you can still burn your PC points on the old award chart if you think that is more beneficial. Check up around the 18th Jan 2012 for which properties changed their awards.