Looks like this program gives far better value when you redeem for train tickets (like 3 to 5 times more value). I guess that's like any travel program, isn't it? When you start transferring out for other types of redemptions, you lose a lot of the bang for your point.

Having said that, if you have zero use for train travel awards, the Partner Rewards pretty consistently give you one cent per point in value. Provided the fine print on those Marriott certs isn't too draconian, the Flex Awards look like a good way to earn MORE than 1 penny per point, if they are accepted at the nicer resorts/hotels.