IMHO, N&F are the best option to maximize points for both a flight and room redemption award, assuming that you partner with a 1:1 airline transfer partner and that you're intending on booking on a hotel cat 3 or 4. Check out the following link:

http://www.flyertalk.com/forum/starw...06-onward.html

I just redeemed a N&F (X 2) for 140K, for 2 rooms and 100K in airline miles. Already, pre-upgraded to a suite, parlour and 2 queen bedded room by the hotel.^^^ Way to go, Starwood!

It only took a week to transfer the airline miles, and I booked my flights yesterday.