I've both cancelled and changed reward flights. I don't remember what penalties applied though - I think it depends on the class of travel originally booked.
The Frequent Flyer Concierge team takes the hard work out of finding reward seat availability. Using their expert knowledge and specialised tools, they'll help you book a great trip that maximises the value for your points.
Domestic business rewards were free to change/cancel .. until the new Sabre system came in .. now it costs $$ and takes a painfully long call to Velocity rewards
Int'l business rewards are still about $60 to change/cancel but 72hrs notice prior to departure is a big MINUS compared to QF/SQ/etc
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