I enjoy reading these discussions on valuation and the different perspectives people have. For me personally though, coming up with specific valuations isn't a good use of energy. I look at collecting points/miles as a hobby. I have some time to spend each day doing this, and the real value is in the pleasure I derive.

Points and miles are quantized. The value of my first 100 miles in a program is basically nothing for me, but the last 100 miles needed to attain an award can be worth spending some cash. I tend to take opportunities as I find them - going for low hanging fruit - until I notice I am getting close to being able to do something with them. That's when I start daydreaming about what I can do and go for the goal line. I don't have the opportunity to travel as much as most of you do. Maybe if I got to travel more than once or twice a year I do it differently. Kudos to you who are able to maximize your return, but I'm just thrilled to be having fun and saving some money at the same time (whatever that amount of money is).