Because for 180k points my wife and I would take a 7-day HAL cruise on one of their Vista-class ships. By the time I paid port taxes, fuel-surcharge, and an upgrade to a VC cabin with a balcony my out-of-pocket expense was about $780 on a cruise valued at $3000.

But just as your mileage may vary, that's why I said, "in my book". I really don't have a desire to go on another cruise line. I've been on many over the past 15 years and I've fallen in love with the service and atmosphere that HAL provides. Granted prices have dropped, but now my cruise I want is valued at $2600. And while I'd have no out-of-pocket expense, it costs me 400k points for enough cruisesonly certificates..

220,000 points is worth a lot more than $780 to me...