Can't remember where I saw it, but one of the travel blogs did a great post on using the Barclay Arrival vs. booking with points. The added benefit to using the Arrival card is also that you're accumulating frequent flier miles or reward programs points for hotels. However, I think with all of this, you have to look at what your ultimate goal is. The variable points programs are fantastic if you're indecisive, but you also have to be an opportunist. I signed up for the Amex Business Platinum knowing nothing about the program other than I'd be earning 170,000 points after 3 months of aggressive spending.

Do your research, figure out what points are worth, know your goals, and go from there. This game is a lot more fun when you get there with your own research...