There are probably a million different variables and personal situations out there.
For me personally, I redeem to fly up front. I go on one big trip per year. Usually about 4 weeks to Asia. When I am in the air for a day I want to be comfortable. I find most economy seats to be extremely uncomfortable...maybe it's because I am shorter than average. I cannot sleep on planes, especially in economy. So for me, having a place to lay down and rest even if I am not sleeping is important. And just having some personal space and not being crushed in with lots of other people is a lot less stressful.
I also like having access to the lounge to be away from the noise and bustle of the airport. And not having to stand in as many lines is nice too.
Resorts mean nothing to me. And I am not a foodie so a "nice" meal is not interesting to me either. I typically visit cities. And in most Asian cities it is possible to find perfectly good hotels or apartments for a reasonable cost. With most hotel award nights costing so many points it seems like a waste to me.