If you want to waste your points on such items, go join another program. I, and I dare say most of us here, earn hotel program points for hotel stays and enhanced benefits on our revenue stays. I have yet to see a real deal when one exchanges points or miles for merchandise or retail cards.

The usual redemption value is skewed towards the product the hotel group (or airline) offers because this is a commodity that costs it a marginal price to provide. Thus we can get far greater value return for our accumulated points/miles. However, to purchase other items means spending real money with outside suppliers. So it usually comes down to one hotel night (worth $150) being equivalent to a $25 retail card, or a $200 iPod "costing" as much a three or four nights at a Park Hyatt. Of course, how you blow your points is your business, but I have no interest in seeing Hyatt clutter the program with such a wasted effort.

For example, AC offers a pair of Bose NRs for 45K Aeroplan miles. These retail for about $400. 40K miles will get you a Business or First Class ticket anywhere in North America on AC, UA or US (and soon, CO) that is worth 10x that of the item award. You decide...