Wishing you good luck in finding the right use for you!

Even though they get complained about a lot, I've had good luck with transferring to Delta. They recently had a 50% bonus (and we got 25,000 miles towards silver status). That was the biggest bonus I'd seen with them, and we lucked out with getting 4 first class tickets to Hawaii on them, in 2009 and for this coming summer, for 75,000 miles each in 2009 and 85,000 miles each for this year. Booked late last summer, and got the route through Atlanta with the almost lie flat seats. If you think you may go to Hawaii with your babies in a few years, that is a nice way to go.

Don't know about international travel - we pretty much stay in the USA.

All else fails, even though it's not a "great use" of the points - when I had to close our personal Amex Membership Rewards card and had some points left, I just got some gift cards - I think I got the Gap for clothes for my kids. So you could do some gift cards - like Pottery Barn for kids' furniture. Even though it's not the "best" use, free is free.

I did a lot of travel with my kids even as babies, but they were 2 years apart. Twins - more work - but they'll grow and FAST! Maybe look into a nice getaway to Disney in a year or so - that's a super easy vacation with little ones (I know firsthand; we've taken ours and I even went many times without my husband when they were little).

Also, is there a way to keep the card and just put it into your name? You can call Amex to see if you open a personal card if they'll transfer the MR points into it for you, so you can have some time to decide how to use the points.