Frankly, my reaction was one of relief. Why? Because I have a 20,000 MQM-earning first class trip, from New England to Hawaii, booked for Christmas and MQM earning on Alaska Airlines is not affected by the current devaluation.
No one (except Rene at Delta Points) would be crazy enough to defend this devaluation. But whether you're personally affected by it will depend on your specific travel plans. As always, check the partner earning rates of your preferred airlines before crediting miles to any program.