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.
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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