Originally Posted by mooper

270K MR points gets you 120K US miles plus 7 nights at a Cat 5 property (which you could book for a friend, trade, etc. if you don't want to use yourself). US has run, over the past two or three years, periodic conversion bonuses of 50% to 75% where you'd get 180K+ US miles instead. If you have time to play with and are willing to risk that another bonus might not roll around, waiting for that opportunity would give you the best return of all.