In another thread, it was mentioned that it might be possible to transfer Amex points from one account to another.
If that's the case, then you could avoid the concern about rushing to dispose of points before you actually want to use them.
http://www.frequentflyer.com.au/comm...7-14-post.html
The 50% velocity bonus finishes at the end of this month, so if wanting to use that you should get in relatively quickly.
I have no experience with redeeming Velocity points, but overall the scheme looks good (although a bit pricey on some flights).