Allowing DVC to book cash rooms does not devalue your membership in actual dollars. Your value is that you have locked in and know approx how much you will pay for your room at VGC for the next 49 years and says nothing about how it will compare to the cost of other rooms at the hotels. There is more value to me personally to have this option back than to not have it even though I may never use it.
I think it does (or at least could) devalue the rental value of VGC points. If someone really wants to stay at VGC when there's only 48 units available - supply and demand should dictate that the rental cost expectation would be higher for VGC than someone willing to rent/stay at SSR. If a member (or renter) can use SSR points to stay at GC and the 11 month booking window isn't as exclusive, the rental market value of our VGC points has decreased. By the way, I've never rented out points and don't have immediate plans to.
I'm fine with it being back too - I just expect the points to be outrageous like they are for DLH to keep up my perceived VGC point value.