I probably/definitely would not- no elite status issue involved! You can get the "not so mega bonus" 5k MR points for free with no stays by getting a Marriott VISA- fee free for first year ($30 thereafter).
If interested, let me know and I can/will refer you and we'll both get some free MR points!
It's interesting to see this thread and see how things have changed over the last 9 years.
Also I saw Doc's huge number of posts but couldn't recall seeing any recent posts from him/her. Sure enough they were posting quite heavily up until Nov. 20, 2006 and then suddenly stopped. Anyone know what happened to Doc?
Because I use my points mostly for travel packages, I probably still value them at something close to 1 cent a mile. But it really does entirely depend on your personal travel and points redemption habits.