My DW got many of the same offers I got we got too many points to figure easily, so I will hit the highlights.

We both got 225k with Cap1
spent 300k on Outrigger hotels in Kona, HI and Waikiki, Riu Palace in Negril, Jamaica, A beachfront hotel in Panama City Fl and Riu Palace Playa del Carmen MX total of 25 nights 8 nights at the Rius were all-inclusive.

Wife got the sapphire bump and had 106k in UR
when they had the awesome Black Friday deal we got 59" Samsung plasma 3D TV, Samsung 3D bluray with wifi, 4 sets of powered glasses, a new PS3 with Move bundle and a couple of games for it.

We both got 150k from AA
We used some points for car rental in HI, and booked a high room for one night in waikiki at a starwood property (PK) at a better rate than starpoints!!

We flew up front to HI for the first time on US air using 80k partner miles.
our previous 4 trips were in coach, trying to maximize our miles, for more trips, in the days when sign up offers were not as generous....now we are spoiled and wont make the 10hr flight in coach ever again.

Wife got DL Plat Amex and stretched another year of silver medallion status out of the MQM offer. Used the points and cash option it affords to book flight to Jamaica 30k points and $0 covered taxes and everything and gave us any dates we wanted....If we only used miles, the extremely limited low rate of 30k miles was hardly available and would have still cost an extra $120 in taxes...great feature of DL Amex cards!! We did the same kind of purchase for our Dec Mexico flights. Only get .01 CPM, but for skypesos and primetime flights it seemed worth it. They also comped the $150 annual fee this year (because of the amount of coin business we did with it last year, I guess)

We both bought hotel points in last years "discover America" promotion getting over 100k in choice, wyndham, and PC
Used some points for Tybee Island, Ga. , Savannah Ga. (4th of July), Pensacola Fl, Helen Ga., Cherokee NC
This year we have 400k in choice rewards between us... 20k gets a night all-inclusive at Barcelo resorts, trip advisor rates PVR as the best participating property.

Last year was such a bumper crop of offers I may have to take a year to let my credit report recover and spend some points before they devaluate. I only plan on getting mega offers this coming year. I'm cancelling cards and waiting until they are ripe for churning again....I cant see running low on points in the next few years.

Happy Travels in 2012!!