As I said previously, I chose this threshold based on experience with my own travel patterns. Every time I book I look at both the best cash rate and the points rate. I've observed that in the places I typically travel the exchange between two is usually much worse than 0.6cpp. For example, HIX hotels with a BAR of $120-150 are at 35k points. Absurd. I've found that if I hold out for 0.6cpp or better I can find just enough redemption opportunities to spend the points I earn. I believe that if I held out for 0.7cpp or higher I'd just accumulate points and wind up getting less value for them after the next devaluation.

Let me emphasize again, this threshold of 0.6cpp is based on my travel patterns. Somebody who travels regularly to other locales or has a specific high-value award trip in mind may see plenty of award opportunities well beyond this value and should set a commensurately higher threshold.