Freezing won't ruin the flavor, but it usually turns them mushy.

I froze some Bhut peppers last year and they worked well in my favorite sauce, but the peppers are thoroughly pureed so texture wasn't an issue.

FWIW - I actually froze slices (no stems or seeds), not whole peppers.

Sounds perfect, then! Oh, I'm overly excited... Definitly have something good to give out at Christmas, and this gives me time to find the right jars/bottles. And I don't have to feel guilty about using the bigger jars for pickling the green ones. Woo!

That's what I do every year. I keep them in the freezer until growing season is over, then make my hot sauce or powder. I might suggest steming and seeding them, then freeze them on a tray before you bag them. That way, you can take any portion you want.
John A

How do you make powder?

I smoke them for a couple of hours, then dry them in air or dehydrator. Very important that they are dry. Then I grind then in a portable coffee grinder. Don't used that grinder for coffee's again. Not necessary to smoke them if you don't like the flavor or don't have a smoker.