Depending on where you are going, one-way fares on the Cascades can exceed $100. I just made a redemption from SLM-VAC r/t for 3000 points in business class that would have cost $198 in cash. Since I got the 10% AGR Mastercard rebate, I only used 2700 points. That's a 7.3 cents per point redemption value.

Had I chosen coach seats, the trip would have cost me $164 in cash or 1800 in points (factoring in the Mastercard rebate). That's a whopping 9.1 cents per point value. I know I got a lower value by using business class but in this case I prefered the amenities in business class over the better redemption value in coach.

Had I paid cash for the cheaper northbound leg (still $62, so not "cheap") and used points only for the pricier southbound leg ($102), the value for 900 points would have been 11.3 cents per point. Even without the Mastercard rebate the redemption value would have been 10.2 cents per point.

On the other hand, by ClimbGuy's definition I got zero value for my points if you base it on what I would have been willing to pay. For in this case, what I would have been willing to pay is zero. In other words, this is a joy ride plain and simple. I don't need to go to VAC...but I've never been on the segment btw SEA and VAC and this was a great chance to do that for free.