Thanks a lot for sharing. That definitely is a little concerning.
I've in the past used it for more expensive Disneyworld and now an all-inclusive type vacation... (and some car rentals too) - but recently did airfare for the family just like you. If tickets are sub-$400 you're entirely right, the value isn't there...
I'd love to see a $400 plus purchase requiring 20K points myself but this is good food for thought. (honestly, would love to see a $4000 redemption possibility for 200,000 points... that's how I like to use these points.. save em up over a year or two and then burn em)