First off,
Marq, I generally agree with you. For clarification, the Visa earns 2 pts/$, and Amex 3 pts/$ (although Amex is currently running another double points promo

.
I do have to take issue with one remark you made:
<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by Marq:
Using points for air travel has always been unwise, just more so now.</font>
IME, that simply is not true, at least not in the blanket way you state it, and I have posted extensively about my use of HHonors air rewards and the metrics I use to value usage.
That said, it's true they're generally not as good as pure FF rewards, but some of them are quite good values when you compare HHonors redemption to HHonors redemption. In particular, I'd refer poeple to the companion reward.
But since I don't want to side track the discussion here any further, I'd suggest if anyone is interested to simply do a search and post any questions in another thread. Or feel free to e-mail me and I'll do my best to answer any questions you may have.