Southwest even does a good job when announcing bad news:
Southwest will increase the number of points-per-dollar required for Wanna Get Away (cheap fare) award redemptions from 60 points per dollar to 70 points per dollar, beginning with redemptions made after March 31, 2014. That means the 50,000 points you get with your credit card signup (assuming the 50k promo is in place) will now be worth $714.28 instead of $833. Points required for other types of fares (Anytime & Business Select) stay the same.
Unlike many other airlines, at least Southwest has given a large amount of notice rather than springing this on the unsuspecting public at the last minute.
Full text of the announcement:
We want to inform you of an upcoming change to the Rapid Rewards® Program that will affect the number of points needed for reward travel. Wanna Get Away® reward flight bookings made on or after March 31, 2014 will require 70 points per dollar. This is an increase from the 60 points per dollar currently required. Anytime and Business Select® reward flight redemption rates, as well as the points per dollar you earn when flying, will remain the same as they are today.
Rest assured, Rapid Rewards will continue to provide industry-leading benefits that you enjoy today—including unlimited reward seats, no blackout dates, and points that don’t expire*. We hope you understand that in order to continue providing these benefits, we must make changes to the Rapid Rewards Program from time to time.
Thank you for your continued loyalty, and for more information about redeeming points, please visit southwest.com/redeem.