It's almost always a given that redeeming for hotel nights is the best value for hotel program points. I would compare this option (it's relatively new but has been around for some weeks/months, I think) to the price floor I use for valuation of my Priority Club points, redeeming 59,000 points for a $250 USD AnyHotel AnyWhere card. That's 0.424 cents per point. So, 106,000 points could be turned into $449.15 to pay any hotel folio (and earn whatever hotel program points would be applicable). Being able to book a $378 flight with those points isn't great by comparison, but it's not bad.
havepointswilltravel, is the $378.00 that you cite inclusive of taxes and fees? The precision ($.00) make me wonder if this is the pre-taxes&fees fare.