There are two different kinds of point redemptions, both of which should always be a better value than paying cash.

First is the person who isn't rich, but wants to stay at high-end hotels. Paying 500$ a night isn't possible, but the points are there so why not redeem them? Of course this is limited to the chain properties, which is why just about every trip report is about PH Tokyo or PH Vendome Paris. I just combined cash and points stays at the IC Samui, which offered relatively decent value - 30k points vs $400/night. I booked $ nights first and managed to keep my upgrade This property is excellent for redemptions because the standard rooms are actually good with a nice view.

Then there are the bargain seekers, usually 'noobies' who just want to save some $. Nothing wrong with this, just make sure that value exceeds $ spent on the points. PC points are king for these people IMO because of easy acquisition and the wonderful PB list.