I am trying to do the math and need some confirmation that I'm thinking correctly. I originally thought the programs were competitive but these calculations seem very unbalanced.

Now that TYN has abolished fixed value airline tickets (25,000 points for a domestic ticket for ex.) they are offering a value of a penny a point:

So, a $400 ticket costs 40,000 points.
But
40,000 points can get you 5 nights at a category 4 hotel which can run $150-$200/night on average. That's a $1000 value.

In addition, the 5,000 point bonus for transferring 20,000 in the points to miles program gives you an opportunity to purchase a higher value ticket for the same deduction 40,000 points.

Lastly, the bonuses for using the SPG card at Starwood properties make accumulating the points easier in the first place.

Am I missing something?